Hundreds of jobs saved by sale of construction firm Haymills Group
HUNTINGDON-BASED construction firm Haymills Group has been bought in a pre-pack deal by Vinci Construction UK Limited. Haymills, of St Peter s Road, Huntingdon, was sold after it ran into difficulties meeting financial obligations at its subsidiary in Gib
HUNTINGDON-BASED construction firm Haymills Group has been bought in a pre-pack deal by Vinci Construction UK Limited.
Haymills, of St Peter's Road, Huntingdon, was sold after it ran into difficulties meeting financial obligations at its subsidiary in Gibraltar. The company also has offices in London and Stowmarket.
The deal means that a total of 430 jobs will be saved throughout the group, with the majority based in East Anglia.
David Joyce, managing director of Vinci Construction UK limited said:
"The acquisition is a significant step in our strategy of consolidating our presence in the sectors of facilities management and maintenance, as well as giving us a presence in the East Anglian region through the contracting side of the Haymills business."
Stephen Oldfield, of administrators PricewaterhouseCoopers, said: "This is a prime example of when a pre-pack sale can be the best option.
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"In this case, as this is a contracting company, any attempt to sell this type of business after an administration appointment is fraught with legal and operational difficulties which would have likely caused the business to collapse.