Woodmace secures future with long-term investment
Woodmace, the civil engineering, groundworks contractor and concrete frame specialist, has secured a new future with long-term investment.
The company, established in 1986 and headquartered in Poole, Dorset, has been acquired through the former founder and owner John Oak, with 150 jobs safeguarded.
Woodmace Concrete Structures Ltd is the name of the new trading company and will continue to be referred to as Woodmace.
The assets and trade of Woodmace Ltd and Woodmace Plant Ltd are under the new ownership – the two entities were placed into administration on Monday July 11 due to cashflow difficulties.
Through Mr Oak, the assets and trade were bought out of administration on the same day.
This enabled work to resume at a range of developments across southern England where Woodmace is either principal contractor or a sub-contractor.
In a statement, Mr Oak said: “Woodmace is a highly respected brand with a dedicated, loyal staff, and the long-term investment safeguards 150 jobs and means it is very much business as usual, with the same high-quality, professional service.
“It is important to stress that the previous Woodmace was doing well but, in an issue which will resonate with far too many in the construction industry supply chain, the business was unable to collect significant amounts of money owed to it.
“As a consequence, there was no alternative but for the directors to place the company into administration.
“The name of Woodmace, with a proud 36-year pedigree and more than 1,000 projects completed, means so much to all of us here, and I am in a position to help.
“Looking ahead, Woodmace Concrete Structures Ltd will continue to operate with many of the same highly skilled employees and machinery.
“The overall capability will be enhanced by adding investment. This, coupled with new interim directors following restructuring, will ensure the continuation of the majority of our on-going works.
“Furthermore, the administrative side of the business will be enhanced to ensure a robust commercial position is maintained throughout the performance of every contract.
“The new company is focused and committed to delivering quality work on time and to the highest standards in line with customers’ timeframes and expectations.”
Woodmace has expertise in pre-construction advice, remediation works, groundworks, deep excavations, piling, drainage & utilities connections, highways to hard landscaping.