Deloitte appointed to Ennstone plc
Immediate sale of operating subsidiaries
On the same day as being appointed adminstrators of Ennstone plc, Deloitte
has announced an immediate sale of the failed builder’s UK and Polish operating
subsidiaries to Breedon Holdings.
The buyer is jointly owned by Barclays Ventures and the former management
team. Deloitte says the deal will preserve more than 1,000 jobs.
Ennstone was hit by the fallout in the residential construction sector
following the credit crunch, joint administrator Matthew Cowlishaw explained.
The group had attempted restructure over the past eight months, and had
explored a number of strategic options. These included raising new equity via
the sale of Ennstone’s businesses in parts.
An application has been made to the London Stock Exchange to cancel
Ennstone’s listing. Its head office at Breedon-on-the-Hill remains open.