Insolvency specialist FRP was called in to take over Dickinsons Plumbing and Heating after the business was unable to meet its financial obligations due to rising cost pressures on its cash flow.
Located on the outskirts of Leeds the business, founded over 20 years ago, worked for mainly volume house builders like Bellway and Vistry in the region
Upon appointment, FRP sold Dickinsons’ renewable energy division, which provided ground source installation to housing associations and house builders to SRM Renewables – an installer of ground, air, biomass and solar energy products.
The transaction for part of the business and assets includes the transfer of five staff.
The rest of the business has ceased to trade.
David Shambrook, partner at FRP said: “Companies across the construction sector are feeling the impact of inflation as rising costs affect their profitability and all-important cash flow.
“We’re pleased to have secured a partial sale of Dickinsons for its renewable energy division to SRM which will secure a number of jobs.
“Regrettably, the rest of the business could not be saved despite a marketing process. We are working with staff to help them access support through the Redundancy Payments Office.”