Over 100 jobs saved after pre-pack sale of Dovetail
Mon, 27 Jan 2025 | BUSINESS SALE
Over 100 jobs have been saved following the pre-pack sale of Solihull-based Dovetail Group.
The facilities, waste management and fire protection firm appointed administrators FRP on 15 January after the group experienced financial difficulties due to a number of fixed-price contracts.
In its last set of accounts filed to Companies House for the year ended 31 December 2022, the group revealed that it had net assets of just over £169,000 compared with just over £350,000 the previous year.
Creditors' amounts falling due within one year came to £1.8 million, which was up from £1.5 million in 2021.
The average number of employees at the company during the year was recorded at 130, up from 67 the previous year.
The provider of environmental management, passive fire protection, commercial cleaning and landscaping services to clients such as Mitie, the University of Birmingham, Balfour Beatty, Savills and Burger King struggled to secure further external financing. But a pre-pack rescue deal was secured with L&L Group on the same day as FRP's appointment.
All 102 jobs at the firm have been saved, with all staff transferring to the new owner under the TUPE provisions. It is anticipated that the business will continue from its two sites in Solihull.
Martyn Pullin and David Willis, partners at FRP, were appointed as joint administrators of Dovetail on January 15 and immediately secured a pre-pack sale of the company to L&L Group.
Pullin said: "This deal represents a positive outcome for a long-established business wrestling with inflationary pressures and challenging trading conditions. A strong customer base and pipeline of projects made it an attractive acquisition and puts the business in a position to grow under new ownership. We're pleased to have given over 100 employees the peace of mind that comes with knowing their jobs are once again secure."
Find out more about finding and buying distressed assets
Share this article
Latest Services Businesses for Sale
Specialist Support Services for Adults
East Midlands, UK
The company provides person-centred support, progression and community integration in a creative and friendly environment Tailoring its services to meet the specific needs of each service user, the company supports them in gaining skills for living,...
Consultancy Delivering Transformative Solutions
UK Wide
Multi-award-winning consultancy providing executive career transition & mobility outplacement and personal digital branding programmes globally leadership development executive coaching solutions as well as change management culture and business tran...
Interior Design Practice
UK Wide
An award-winning interior design practice providing a comprehensive range of services including interior detailed architectural and construction drawings FF&E design and procurement project management planning applications and furniture design to top...