Yorkshire construction and property group Caddick has acquired part of collapsed building facade specialist Speedclad.
A £100,000 deal sees Caddick Construction take control of Speedclad's Speedpanel brand and a licence to continue running two of the Northallerton firm's properties. The move also includes the transfer of ten employees and some plant and machinery from the firm, which fell into administration in August after what was described as challenges on multiple fronts.
A report from administrators at Interpath shows Speedclad had suffered severe disruption to its pipeline of projects during the pandemic, with jobs being postponed or abandoned. Despite a subsequent recovery in turnover one of the cladding specialist's major contracts became loss making which impacted working capital.
