One hundred jobs have been saved at a Telford construction firm after the business was sold out of administration by business recovery specialists at Begbies Traynor.
Blue Square Building Ltd, based in Halesfield, was sold via administration to its directors on May 1, 2018, after falling victim to the “Carillion effect”.
The business, which delivers maintenance and refurbishment services along with new build construction, had struggled due to historic debts in the region of £1.6m.
An earlier search for investors proved unsuccessful when it emerged that the one of Blue Square’s largest customers was a subsidiary of Carillion.
Blue Square Building was established in 1995 and had grown to be a significant business. It served clients in the public sector, including local authorities, housing associations and the Ministry of Defence, in addition to commercial customers.
Julie Palmer, Partner at Begbies Traynor, said: “We’re delighted to announce that we have been able to save all jobs within the business, which will continue to trade and serve its clients to the high standard to which they have become accustomed.
“The construction industry is experiencing a very difficult period as a result of the collapse of Carillion, which has not only had a knock-on effect on the firm’s many suppliers and contractors but also a big impact on confidence in the sector. This has certainly exacerbated Blue Square’s debt woes. Working with the directors, we have been able to save the business.”
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.