Private investor SVELLA has bought out the telecoms, plant, transport, and accommodation divisions of NMCN following its collapse into administration.
SVELLA had been leading the proposed £24 million recapitalisation of the business before the plan fell through.
Since then, it has been working with the appointed administrators Grant Thornton to find the best future for NMCN’s umbrella of businesses and their employees.
SVELLA’s acquisition will allow the telecoms division to continue servicing major customer contracts, including infrastructure services for BT, Virgin Media, and CityFibre.
The purchase of the plant, transport, and accommodation businesses will allow SVELLA to support the telecoms business with the machinery and other assets it needs to operate successfully.
SVELLA believes it now has an extensive platform to exploit the growth potential of the telecoms business as the sector expands.
Andrew Tinkler, SVELLA chairman, said: “NMCN was one of the UK’s fastest-growing telecoms contractors and was actively supporting the government’s ambitions for nationwide coverage of ultrafast fibre broadband through a number of significant infrastructure contracts and frameworks. We aim to continue to deliver on these ambitions.
These business divisions have growth potential and we will work closely with management teams to develop a comprehensive strategic plan and provide the support and investment to deliver operational excellence, enhance their customer proposition and facilitate growth.”
In total, the buyout has saved 680 jobs across NMCN, with a further 900 jobs being saved by Galliford Try’s purchase of the company’s water division.
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