Will Wright and Steve Absolom from Interpath Advisory were appointed as joint administrators to Castleoak Offsite Manufacturing Limited and Castleoak Holdings (Cardiff Gate) Limited on Thursday 28 October 2021.
Based in Ebbw Vale in South Wales, Castleoak Offsite Manufacturing Limited was an offsite timber frame manufacturer, specialising in the building of retirement and care homes.
Castleoak Holdings (Cardiff Gate) Limited was a property-owning entity which owned the Company’s head office at Cardiff Gate Business Park in Cardiff.
Following their appointment, the joint administrators were pleased to conclude a sale of the assets of Castleoak Offsite Manufacturing Limited to Robinson Manufacturing Limited, the specialist manufacturer of high quality timber engineered roof trusses, floor joists and timber frames.
Robinson Manufacturing plans to restart production at the site in Ebbw Vale, and will seek opportunities to provide new employment where possible to Castleoak Offsite Manufacturing staff who were made redundant following the appointment of the joint administrators.
Will Wright, head of Restructuring at Interpath Advisory and joint administrator, added: “Although a number of companies across the construction sector are facing significant challenges as a result of issues including price inflation, supply chain disruption and labour shortages, there are still parts of the sector which are seeing exceptional demand and strong growth. In particular, the demand for more modern and sustainable methods of construction is driving opportunities in the growing timber frame market.”
Will Daniels at Interpath Advisory, who advised on the transaction, added: “We are delighted to have concluded this transaction, which will see production re-start in Ebbw Vale and which will hopefully provide new employment opportunities for a number of employees who had been affected by redundancy. We’d like to thank all stakeholders for their support in helping to conclude this transaction and wish the team at Robinson Manufacturing all the best for the future.”
Simon Kidney, Chief Executive Officer of Robinson Manufacturing, said: “The location and infrastructure in Ebbw Vale factory is well suited to help us meet the increased demand we have been experiencing across our existing network of seven UK factories. Timber frame is featuring heavily in the plans of most major national and regional housebuilders moving forward, and the acquisition of the assets of Castleoak Offsite Manufacturing strengthens our business for the future.”
In addition, Steve Absolom and Sarah Collins from Interpath Advisory were appointed as joint liquidators of Castleoak Care Partnerships on Friday 29 October 2021. Regrettably, a total of 69 staff were made redundant prior to the appointment of Joint Liquidators. The Liquidators are working closely with customers to hand back the sites and realise remaining assets to ensure an orderly handover of the construction projects.
