Collapsed specialist’s vitality division bought, saving 100 jobs

The insulation and solar energy arm of the UK’s largest roofing specialist, which entered administration final week, has been acquired by a personal investor – saving all 100 jobs within the division.

Avonside Power was one of many 39 divisions which fell into administration final week when the broader Avonside Group went beneath. Practically 250 employees have been liable to being laid off from the Lancashire-based firm, which had seen a turnover of £48m within the 12 months to 31 December 2020.

The specialist arm Avonside Power focuses on insulation and solar energy set up companies for housebuilders.

However the division has now been acquired by non-public investor RCapital for an undisclosed sum. In keeping with the London-based investor, it usually focuses on SMEs with a turnover between £5m to £200m, investing as much as £20m. Amongst its building portfolio are Rock Roofing Contractors and the surveying specialist Plowman Craven.

Avonside Power managing director Invoice Rumble stated the acquisition would put the specialist agency again into the sport for work on new builds, notably in gentle of vitality effectivity wants throughout the present value disaster.

He stated: “This implies it’s enterprise as ordinary for Avonside Power and the funding introduced by Rcapital will imply we’re in a fair stronger place to make a serious contribution in direction of the numerous problem our ‘New Construct’ clients face in satisfying the elevated vitality effectivity calls for.”

Begbies Traynor was appointed directors over Avonside Group earlier this week and revealed that the agency’s revenue margins had taken successful within the pandemic, together with underperformance by a few of its divisions.

Negotiations over the corporate’s property and divisions continued since. Avonside Renewables, the division specialising in micro-generation applied sciences similar to photo voltaic electrical energy and solar-thermal water heating programs, was additionally acquired within the RCapital deal.

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