blog header image

Posted : 12 Dec 2019 at 16:04:23
Category: News

Share this article

Staff safe after Acorn Scaffolding (Yorkshire) Ltd calls in administrators.

The North Yorkshire based specialists Acorn, provided scaffolding services to housebuilders and the events sector. Past projects included the awarding-winning ‘Steel Yard‘ structure used at Creamfields.

Howard Smith and David Costley-Wood from KPMG’s Restructuring practice were appointed as joint administrators to Acorn Scaffolding (Yorkshire) Ltd on 2 December 2019.

According to a statement seen by ScaffMag, Acorn had absorbed the impact of several key customers’ entering administration, the company was unable to withstand cash flow pressures resulting in insufficient working capital to trade through the quieter winter season.

As a result, the company’s directors took the necessary steps to place the company into administration.

Upon their appointment, the administrators concluded a sale of the business and the majority of its assets to Acorn Construction (Yorkshire) Ltd, a connected party.

As a result of this transaction, a total of 132 employees were transferred to the purchaser under TUPE regulations.

Howard Smith, associate partner at KPMG and joint administrator, said: “The company’s directors explored all avenues before reluctantly placing the business into administration. However, the sale secures a future for the business in Yorkshire and saves jobs in the region.”

SIMILAR NEWS

blog header image
NEWS
NUMBER OF FURLOUGHED CONSTRUCTION WORKERS FALLING FASTER THAN WIDER ECONOMY

Number of furloughed construction workers falling faster than wider economy  Latest HMRC data shows size industry’s furloughed workforce shrank by 15% in March The numbe ...

blog header image
NEWS
WILL THEY COME BACK? WHY BRITISH CONSTRUCTION LOST ITS EASTERN EUROPEAN WORKFORCE

In recent weeks, a persistent rumour has been circulating about migrant workers in construction. The specifics differ, but the central premise is the same: ‘foreign workers have taken the govern ...

blog header image
NEWS
CONSTRUCTION OUTPUT GROWS BY 1.6% IN FEBRUARY

Construction output grew by 1.6% in February 2021, largely thanks to a 1.5% increase in new work and 1.9% increase in repair and maintenance, as the industry maintains its recovery The level of constr ...

blog header image
NEWS
IR35: RISHI SUNAK URGED TO AMEND ‘FLAWED’ OFF-PAYROLL RULES TO ENSURE SELF-EMPLOYED RIGHTS

IR35 LEGISLATION must be re-examined to correct the "fundamentally flawed" nature of how off-payroll rules operate, a group of MPs have said. IR35 changes kicked in this month, following a year of del ...

blog header image
NEWS
FREE HOME TESTING COVID KITS NOW AVAILABLE TO ALL CONTRACTORS

Construction companies can now order free Covid test kits for workers to use at home. The extension of the workplace testing regime will supply home test kits to companies with over 10 workers where ...

blog header image
NEWS
EMPLOYMENT LAW CHANGES: WHAT YOU NEED TO KNOW

With Brexit, Covid, and new tax rules for the self-employed, this year sees a plethora of significant changes in the field of employment law. Here is a recap of what you need to know. 1. End of furlou ...

business-directory Business Directory
smartbusinessdirectory Payroll Services Business Directory
truebusinessdirectory payroll-services Directory
payroll-services Directory