Ten design and senior leadership jobs have been saved as part of the deal which saw the assets secured for an undisclosed sum from administrator Interpath Advisory.

The acquisition includes the manufacturing facility and equipment at Northallerton which will continue to produce Speedpanel while the ex-Speedclad employees will initially be based at Caddick Construction’s Knottingley headquarters.

Speedclad was working on a number of Caddick projects before it went under installing rainscreen cladding, curtain walling and glazed facades.

Paul Dodsworth, Caddick Construction Group Managing Director, said: “The acquisition of Speedpanel and key staff members means that our current projects and clients will not be affected by the administration.

“Façades put huge pressure on a project’s budget, particularly now when the industry is adversely affected by rising inflation as well as supply chain and labour issues.

“It demonstrates that Caddick Construction is able to act quickly to overcome obstacles and protect clients from the effect of failures.”

Caddick Group Chairman, Paul Caddick, added: “We welcome our new colleagues to the Group who bring with them exceptional skills and expertise in this niche market. They now have strong financial backing and will continue to work independently across the construction market.”