Date Published: 14th August 2019
Llantrisant-based Voltcom Limited, a principal contractor to the UK electricity transmission and distribution market has been sold out of administration by business recovery specialists, Begbies Traynor. The sale to Keltbray Distribution & Transmission (KDT) was completed on 5 August 2019, safeguarding 47 jobs and ensuring continuity of service for key customers.
The company, which began trading in 2005 delivered medium and high voltage power line projects for the likes of Scottish Power, Northern Powergrid, Western Power Distribution and SSE.
Commenting on the sale, Huw Powell, partner at Begbies Traynor in South Wales, said: “Voltcom quickly grew into delivering major power line infrastructure projects, but despite benefiting from an excellent reputation in the market, the company was unable to maintain profitable growth and suffered working capital issues in recent times. We are pleased that with the support of Livingstone Partners and the company’s directors and stakeholders we have achieved a sale of the majority of the business, safeguarding jobs and providing continuity of supply to three DNOs. Although this is a sad outcome for Voltcom, I would like to wish KDT and its employees every success in the future”
Mike Snee, Managing Director of KDT, added: “The work that we do is in a highly safety-critical environment – working at height, and around electricity and moving plant – which means we require a highly experienced, well trained team that trust each other implicitly. Therefore, we are incredibly fortunate to be able to grow our team by 47 experienced and skilled operatives, particularly at a time when a skills shortage across the industry is imminent. I’m delighted to welcome them on board and look forward to delivering on our new business.
Huw is a chartered certified accountant with more than 14 years' experience working with businesses that are experiencing financial difficulties.
His impressive network of contacts and relationships with key stakeholders - from lenders and creditors to turnaround specialists – is key in strengthening Begbies Traynor's presence in Wales.
Huw's track record of success within insolvency speaks for itself and he is a major asset within the strong Cardiff setup, which has a combined total of more than 200 years' experience of recovery and rescue work.