News: Remediation firm bought out of administration
QDS Contracting, the former Hydrock subsidiary that has an operation in Rotherham, has been bought out of administration with the vast majority of jobs saved.
The specialist land and groundwater remediation contracting business helps clients to realise the potential from brownfield land. QDS' land remediation business operates from Bristol, with the water remediation division in Guildford and Rotherham - at Masbrough.
Employing 95 staff, QDS was bought by engineering firm Hydrock in 2013. Richard Hawes and Matthew Cowlishaw of Deloitte LLP were appointed Joint Administrators earlier this month with Richard Hawes, joint administrator, saying that: "QDS has experienced financial challenges arising from a number of unprofitable contracts."
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Shortly following the appointment, on March 17, the business and assets of QDS Contracting Limited were sold out of administration to FLI QDS Remediation Ltd.
The operation is set to become part of the Irish-based FLI Group which brings together a number of subsidiaries working in energy (anaerobic digestion), contaminated land remediation, water and wastewater and geosynthetics solutions.
VertaseFLI is the Bristol-based remediation subsidiary. It opened an office at Barlborough, Chesterfield in 2004, shortly before it was purchased by the FLI Group.
Following the deal, Richard Hawes, joint administrator, said: "This is a positive development that will protect jobs and ensure the business has a life going forwards under new ownership."
For the year ending March 2017, QDS Contracting reported an operating loss of £75k and pre-tax loss of £2.5m. Turnover was £24.2m, down from the restated figure of £33.9m in the previous year.
During the period, where problem contracts were also encountered, the business recorded restructuring costs comprising redundancies and wrote off a number of bad debts.
QDS Contracting website
Images: QDS
The specialist land and groundwater remediation contracting business helps clients to realise the potential from brownfield land. QDS' land remediation business operates from Bristol, with the water remediation division in Guildford and Rotherham - at Masbrough.
Employing 95 staff, QDS was bought by engineering firm Hydrock in 2013. Richard Hawes and Matthew Cowlishaw of Deloitte LLP were appointed Joint Administrators earlier this month with Richard Hawes, joint administrator, saying that: "QDS has experienced financial challenges arising from a number of unprofitable contracts."
Advertisement
Shortly following the appointment, on March 17, the business and assets of QDS Contracting Limited were sold out of administration to FLI QDS Remediation Ltd.
The operation is set to become part of the Irish-based FLI Group which brings together a number of subsidiaries working in energy (anaerobic digestion), contaminated land remediation, water and wastewater and geosynthetics solutions.
VertaseFLI is the Bristol-based remediation subsidiary. It opened an office at Barlborough, Chesterfield in 2004, shortly before it was purchased by the FLI Group.
Following the deal, Richard Hawes, joint administrator, said: "This is a positive development that will protect jobs and ensure the business has a life going forwards under new ownership."
For the year ending March 2017, QDS Contracting reported an operating loss of £75k and pre-tax loss of £2.5m. Turnover was £24.2m, down from the restated figure of £33.9m in the previous year.
During the period, where problem contracts were also encountered, the business recorded restructuring costs comprising redundancies and wrote off a number of bad debts.
QDS Contracting website
Images: QDS
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