A management buyout has this week saved around 300 jobs at Leeds-based contactor Hewlett within days of the firm going into administration.
Hewlett Civil Engineering was ranked 32nd by turnover in NCE’s Contractors File 2012, after generating£39M in 2011. Civils pretax profits were £1.1M. As of June 2011 it employed 12 engineers out of a workforce of 375.
Managing director Alan Cooper and one of the firm’s senior managers John Duffy took the firm out of administration with the buyout.
They launched a withering attack on the firm’s banks which pushed the contractor into administration.
“We are extremely disappointed by the banks decision to call in the administrators. It was a hostile move and a judgement which was premature and not backed by the directors,” said Cooper.
“However, I’m pleased that the acquisition of the business and assets has been completed so quickly, ensuring the future of the business and of its employees.”
The firm has been trading since 1987 and operates from Leeds, Leamington Spa and Perth and has recently counted Lend Lease, SSE and Network Rail among its clients.