Lanes Group has bought UKDN Waterflow after the company went into administration, saving around 300 jobs.
According to administrators Deloitte, UKDN Waterflow was unable to turn itself around following an operational restructure and started looking for a buyer. The assets and business of the group – consisting of UKDN Waterflow Limited, UKDN Waterflow Technical Services Limited and UKDN Waterflow Holdings Limited – were sold as a going concern to Lanes Utilities Limited, part of the Lanes Group, following the appointment of Deloitte last Friday.
UKDN Waterflow operates from 17 sites around the UK, with main offices in Birmingham and Slough.
Deloitte administrator Matt Cowlishaw said: “The Group (UKDN) has an excellent reputation and blue chip customer base which coupled with the recent operational restructuring meant that the business was well positioned for someone to invest and grow revenue.
“The going concern sale preserves the jobs of around 300 employees and provides the best outcome for creditors in the circumstances.”