Woodmace went into administration last week following a cash flow crisis.

Administrator Begbies Traynor then oversaw the acquisition of the assets and trade of Woodmace Ltd and Woodmace Plant Ltd by Oak via his company Woodmace Concrete Structures Ltd.

The move has saved 150 jobs and enabled work to resume at a range of developments across southern England where Woodmace is either principal contractor or a subcontractor.

Oak founded the business in 1986 but in 2020 long-term employee Joshua Eiles-Clarke took over as owner and group managing director.

Oak said: “Woodmace is a highly respected brand with a dedicated, loyal staff, and the long-term investment safeguards 150 jobs and means it is very much business as usual, with the same high-quality, professional service.

“It is important to stress that the previous Woodmace was doing well but, in an issue which will resonate with far too many in the construction industry supply chain, the business was unable to collect significant amounts of money owed to it.

“As a consequence, there was no alternative but for the directors to place the company into administration.

“The name of Woodmace, with a proud 36-year pedigree and more than 1,000 projects completed, means so much to all of us here, and I am in a position to help.

“Looking ahead, Woodmace Concrete Structures Ltd will continue to operate with many of the same highly skilled employees and machinery.

“The overall capability will be enhanced by adding investment. This, coupled with new interim directors following restructuring, will ensure the continuation of the majority of our on-going works.

“Furthermore, the administrative side of the business will be enhanced to ensure a robust commercial position is maintained throughout the performance of every contract.

“The new company is focused and committed to delivering quality work on time and to the highest standards in line with customers’ timeframes and expectations.”