Richard Pinder

Jobs were saved at a construction company in Derbyshire after it was taken out of administration as part of a pre-pack deal.

Richard Pinder and Sean Williams of Leonard Curtis Business Solution Group were appointed administrators of Whytemount Civils, based in Ilkeston, on August 4, 2021.

The company, now acquired by Rhino Civils Ltd, had run into financial difficulties due to a number of factors related to the Covid-19 pandemic, including contract delays, material shortages, increased delivery costs and a shortage of skilled labor to complete existing work.

Pinder met with the directors in July 2021. Following this meeting, the professional consulting firm reached out to stakeholders and ran an accelerated marketing campaign to sell the company.

This resulted in 11 expressions of interest and a sale to Rhino Civils Ltd, a related party, was completed. The sale saved the jobs of the company’s eight employees.

Pinder said, “Unfortunately, market conditions meant Whytemount Civils was unable to continue operating. However, the team here at LCBSG and our partner advisors have delivered the best possible result under the circumstances.

“The transaction had to be completed in a very short timeframe determined by the lack of working capital in the company.

“We believe the pre-pack has maximized the recovery of assets for the creditors and most importantly, has ensured the livelihood of the employees.

Richard Crofts, Managing Director of Rhino Civils Ltd, said, “We are pleased to have acquired the trading and assets of Whytemount Civils Limited.

“The deal had to be completed in a short amount of time because of the constraints and pressures the business is facing. It is very gratifying that we have saved all eight jobs.”