Administrators from BTG Begbies Traynor were appointed over FK Group – comprising FK Group, FK Facades and FK Construction – last Friday after the business was hit by sustained inflationary pressures and wider market challenges.
In the run up to the appointment of administrators to the Altrincham business, 57 redundancies were made.
A further 54 employees have transferred to Keenan Holdings in a restructuring along with former FK live contracts.
The deal secures continuity on major schemes for clients McLaren and Domis in London and Manchester, with the novated construction contracts now to be delivered under the Keenan banner.
Keenan Holdings acts as the standalone holding company for Premo, which produces high-quality architectural fabrications. The business is owned by Deborah Keenan, daughter of FK Group founder Francis Keenan.
FK Resolv, the FK group’s building safety and remediation contractor, avoided administration and continues to trade.
Joint administrators David Hopkins and Paul Stanley from BTG Begbies Traynor are overseeing the restructuring and sale of assets.
David Hopkins, Partner at BTG, said: “This is a significant restructuring of the group’s assets and operations.
“As part of this restructuring process we will be focused on delivering the best outcome for all creditors.
“The leadership of the group were focussed on delivering the best possible outcome for all creditors, and the jobs of a number of employees, together with certain contracts they were working on, have been able to continue under a new name.
“We hope that the skilled employees that were made redundant before our appointment are able to find new roles soon, as their talents are much needed as the industry seeks to fulfil building targets and housing demands.”
The move marks a significant break-up of the once-integrated building envelope specialist, with administrators now seeking to realise remaining assets for creditors while Keenan pushes ahead with a slimmed-down operation centred on fabrication and selected live contracts.
