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Avonside Power acquired saving 100 jobs

Avonside Power is a standalone division of roofing specialist Avonside Group which went into administration final week.

The acquisition has been a solvent deal and Avonside Power shouldn’t be a part of the broader group insolvency.

Headquartered in Leicester, Avonside Power has a robust nationwide presence with operations within the West Midlands, East Midlands, Glasgow, Leeds, Newcastle, Warrington and Stevenage.

The enterprise will generate income of over £15m this 12 months and is worthwhile and money generative.

It employs over 100 expert employees and is a key a part of the brand new construct provide chain, with main prospects together with Barratt Properties, Taylor Wimpey, Persimmon Properties, Redrow and Miller Properties.

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Rcapital is an skilled investor within the development providers sector, having beforehand owned Rock Roofing Contractors, Alsop Architects and Plowman Craven.

Invoice Rumble, Managing Director at Avonside Power mentioned: “I’m delighted to substantiate that settlement has been reached for Avonside Power to be acquired by its administration crew with the help of Rcapital.

“This implies it’s enterprise as standard for Avonside Power and the funding introduced by Rcapital will imply we’re in a fair stronger place to make a significant contribution in direction of the numerous problem our new construct prospects face in satisfying the elevated vitality effectivity calls for.”

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Chris Campbell, Accomplice at Rcapital mentioned: “Avonside Power is a worthwhile enterprise and a major employer throughout the nation with an enviable blue-chip consumer base.

“We’re delighted to be supporting Invoice and his crew and firmly imagine that Avonside Power shall be integral to serving to the UK obtain its decarbonisation technique of internet zero by 2050.”

Kirstie Provan, companion at Begbies Traynor and joint administrator of Avonside Group Providers Restricted added: “We’re delighted to have accomplished the solvent rescue of the vitality division of the Avonside Group, securing the preservation of a major variety of jobs and the way forward for the enterprise.

“The acquisition by Rcapital offers the enterprise a strong platform from which to maneuver ahead, and we want the administration crew each success.”

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