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Mackoy went into administration on Tuesday with Quantuma taking charge of the £23m turnover business which was one of the biggest groundworks specialists in the South of England focused on infrastructure for housing and commercial schemes.
Qauntuma said the pre-pack sale protects 20 jobs and “secures the future of the business” which is based in Chandler’s Ford, Hampshire.
Companies House records show Geocore Civils Limited was established on May 12 by directors Benjamin Bousfield and Michael Mayock.
Mayock wad founder and chairman of Mackoy and Bousfield Managing Director.
The sale sees all staff transferred to Geocore Civils under TUPE regulations. Geocore will look to novate contracts in relation to several sites where work is ongoing to maintain provision of services for the majority of clients.
Mackoy had recently experienced several challenges, including increases in the cost of materials and labour, which affected previously agreed contract pricing. This, combined with changes in buyer behaviour, had a negative impact on cashflow and profitability.
Kelly Mitchell, joint administrator and managing director at Quantuma, said: “I am incredibly pleased to have achieved such a positive outcome for this highly regarded business, ensuring that all employees’ jobs have been saved.
“We are happy to have secured the long-term viability of the business, allowing it to continue its journey. We wish the team every success in their next chapter.”