Byrne Group steps-in to save O’Keefe
O’Keefe has been having difficulties economically and struck a Enterprise Voluntary Arrangement with its creditors past 12 months.
Concrete frame specialist and contractor Byrne Team has now recognized O’Keefe Building (Byrne Group) Constrained and O’Keefe Demolition (Byrne Team) Constrained.
The O’Keefe name will now sit alongside Byrne Bros (Formwork) and Ellmers as part of the enlarged Byrne Group.
O’Keefe’s senior management group all remain and team contracts of employment and entitlements, and plant, devices and yards continue being in location guaranteeing a seamless continuation of determined contracts.
A Byrne Group assertion reported: “The obtain secures bigger alternatives for Byrne Team and O’Keefe as their client foundation is improved with the skill to present a one particular-cease-shop to the business, from demolition to in shape out.”
O’Keefe was formed in 1970 by Patrick O’Keefe Senior who experienced occur to London from his indigenous Eire as a 19-calendar year-old to seek out do the job as a ganger on building websites.
Hottest total team final results posted at Corporations House for the 12 months to Could 31 2020 show a pre-tax loss of £1.8m from a turnover of £61.1m as the enterprise employed 178 workers.
O’Keefe ran into complications with the onset of Covid, with more than £40m of agreement get started dates slipping.
Subsequent the CVA in September 2021, O’Keefe has been hit by big costs increases in the supply of supplies put together with a reluctance from the credit history field to aid the business.
The demise of Caledonian Modular in March 2022, with whom O’Keefe have been working on two projects, meant that in spite of ongoing shareholder assist, the directors of O’Keefe wanted to obtain a more money injection.