The company that bought the piling company falls into administration

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The Nottingham-based Founda, which bought stilt house All Foundations when it collapsed last year, has gone into administration itself and been bought out.

The Derby-headquartered company entered into insolvency administration with FRP Advisory on 30 March 2022.

It was then bought by Liverpool-based construction company Carpenter Build (CBL) and its subsidiary Carpenter Foundations.

The pre-pack deal cost CBL just over £105,000, with facilities and equipment accounting for around £65,000.

Other assets sold included the company’s work in progress, stock and goodwill.

The sale comes less than eight months after Founda bought £13million Derbyshire company All Foundations in a pre-pack administration deal.

According to reports published in Companies House on April 14, Founda made a loss of around £60,000 in the five months to the end of February 2022.

The report added that the company has suffered constant liquidity pressures due to funding costs and ransom creditors inherited from All Foundations.

During this time one of the former directors personally invested around £150,000 in the company to ease the pressure on cash flow.

However, another “significant injection of cash” was needed to keep the business afloat.

An unaffiliated third party had shown an interest in purchasing shares. But after receiving the company’s most recent financial statements, the third party withdrew its interest in the shares.

Founda, which was founded in 2008 but has been trading for 22 years, was in arrears with Her Majesty’s Finance and Customs Authority (HMRC) and overdue creditors, with some deliveries halted.

Since inception, the company has operated as a specialist civil engineering contractor providing pile driving and restricted access services. Specialized services include piling disciplines, open site piling, restricted access mini piling and innovative stacked slabs.

The company’s 33 permanent employees have all been transferred to the buyer as part of the transfer of business (TUPE) – an employment protection scheme.

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