Foundations specialist Abbey Pynford has been saved from administration after being bought by Wiltshire-based contractor Conlon Ltd.
Abbey Pynford, which is located in Luton, filed a notice to appoint administrators last month. But the firm’s new managing director Robert Mitchell confirmed to Construction News that Conlon has since bought the company’s shareholding for an undisclosed sum, avoiding the need for administration.
Mitchell told CN that Abbey Pynford, which employed an average of 12 people a month in 2021, “remains a standalone business”.
He added that Conlon was a former client of Abbey Pynford and had “got to know the business very well” through working with the company for more than 10 years.
In 2021, Conlon’s turnover was £35.3m, down from £45.9m the previous year, with pre-tax profit of £1.6m. It employed an average of 241 people.
Mitchell previously worked in various senior roles for Abbey Pynford before leaving in December 2021. The firm’s former managing director Steve Wilson has now left.
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