Reviewed: 13th November 2015
A pre-pack administration deal has seen the wastewater and drainage company UKDN Waterflow rescued and its 300 staff members kept in work.
The Leeds-based Lanes Group has acquired the businesses of its one-time rival after administrators were appointed to manage the company’s affairs on Friday November 6th.
The acquisition by the Lanes Group sees it take control of three distinct businesses that traded collectively as UKDN Waterflow, with UKDN Waterflow Limited, UKDN Waterflow Technical Services Limited and UKDN Waterflow Holdings Limited all having been purchased as going concerns along with any associated assets.
UKDN Waterflow’s staff operate across 17 sites in different parts of the UK, with its primary operating bases located in Birmingham and Slough.
For its part, the Lanes Group will be adding to a workforce that already numbered close 1,000, with the group’s bosses keen to build on its position as one of the leading drain cleaning and repair businesses currently operating in the UK.
“The acquisition of these businesses is part of our continuing expansion strategy,” explained Wayne Earnshaw, the Lanes Group’s managing director.
“It will contribute to our business growth, in terms of our ability to serve current customers, and attract new ones,” he said.
Reflecting on the position of UKDN Waterflow and its operations, administrator Matt Cowlishaw from Deloitte said: “The Group (UKDN) has an excellent reputation and blue chip customer base which coupled with the recent operational restructuring meant that the business was well positioned for someone to invest and grow revenue.
“The going concern sale preserves the jobs of around 300 employees and provides the best outcome for creditors in the circumstances.”
UKDN Waterflow was founded in 2011 as the result of a merger between the UK Drainage Network and Waterflow Holdings, with the latter having operated since 1965 as a provider of drain and sewer maintenance, renovation and repair services.
Prior to its recent entry into administration, UKDN Waterflow’s customers included a variety of facilities management, insurance and infrastructure companies.
Its 2011 merger was supported by the financial backing of the investment firm Lyceum Capital, which invests in a variety of mid-sized businesses throughout the UK. Our extensive office network comprises 75 offices across the UK with a partner-led service offering immediate director advice and support.