Dorset construction firm Woodmace has been bought out of administration by its former owner, securing the future of 150 jobs.
The Poole-based contractor and its two businesses - Woodmace Ltd and Woodmace Plant Ltd - were placed under administration on July 11 due to cashflow difficulties.
The group, which specialises in civil engineering, groundworks and concrete frames, has now been acquired by original founder Jon Oak, with ownership of all its assets and trade now under his ownership. The financial details of the investment were not disclosed.
The deal will enable work to resume at a range of developments across southern England where Woodmace is either principal contractor or a sub-contractor.
The company previously worked on the visitor centre at historic Wiltshire tourist attraction Stonehenge, Dorchester Hospital and the redevelopment of the former site of the Poole Pottery factory into luxury flats in by the town’s quay.
The company will now trade under the name Woodmace Concrete Structures Ltd but will continue to be referred to as Woodmace.
Mr Oak said: “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.
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“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.”
Mr Oak established Woodmace, based in Willis Way industrial estate, in 1986. Long-term employee Joshua Eiles-Clarke took over the business as owner and group managing director in 2020.
Mr Oak said the business would continue to operate with many of the same employees and machinery.
He added: “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.”
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