Jobs salvaged as drainage specialist secures pre-pack rescue deal
Up to 300 jobs have been salvaged as a Slough-based provider of wastewater and drainage services has managed to secure a pre-pack rescue deal, a news report in the local business media has been able to reveal.
UKDN Waterflow operates from 17 sites across the UK including main offices in Birmingham and Slough. It provides services to the insurance, commercial, residential, industrial, transport, water and public sectors.
However, the company ran into financial trouble and had to call in administrators from Deloitte. Deloitte said that despite an operational restructuring, UKDN Waterflow was unable to raise the additional funding to complete its turnaround and commenced a marketing process to find a new owner to recapitalise the business.
Immediately following the appointment the Group’s business and assets were sold as a going concern to Lanes Utilities Ltd, part of Lanes Group.
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