Waterproofing firm Pudlo acquired out of administration
Tue, 14 May 2024 | BUSINESS SALE
Waterproofing products firm Pudlo Products has been relaunched after being acquired out of administration. The brand, which dates back around 150 years, was placed into administration following the collapse of parent company DB Group (Holdings) Limited in February 2024.
The Pudlo Products Limited brand has now been acquired by a new management team after they struck a deal with administrators from BDO LLP, with 12 jobs saved as a result of the acquisition.
Alan Sleigh, General Manager of Pudlo Products Limited, commented: “As we embark on this new chapter, I am delighted to refocus our efforts on Pudlo’s exceptional offerings.”
“With over a century of experience behind us and a fantastic, experienced team, we are uniquely positioned to continue leading the industry with our innovative waterproofing and gas protection solutions. I am truly excited about the opportunities ahead and the prospect of further enhancing our legacy.”
Pudlo Products was acquired by DB Group in the 1990s, with the group subsequently acquiring zero-concrete brand Cemfree in 2015. DB Group, previously known as David Ball Group, was founded in the 1970s.
The group produced specialist sands used in fuse manufacturing and cement testing, subsequently expanding its offering with the acquisition of Pudlo and Cemfree. Cemfree produced an ultra-low carbon binder that reacted with pozzolanic materials, creating a concrete that could deliver emissions up to 85 per cent lower than OPC-based concretes.
DB Group reportedly spent significant internal cash reserves investing and developing Cemfree’s range of cement-free bricks and mortar. In its latest financial, report, DB Group said that funds from group businesses, including Pudlo, “continued to be used to fund to finance Cemfree development and commercialisation, acceleration of which pushed the group into operating losses financed from internal reserves.”
In the year ending December 2022, the group reported turnover of £5.5 million, but fell to a pre-tax loss of £170,000. Benjamin Peterson and Lee Causer of BDO LLP were subsequently appointed joint administrators of the group on February 21 2024 and it ceased trading. Cemfree, meanwhile, has been acquired from the joint administrators by materials giant SigmaRoc.
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