en.Wedoany.com Reported - UK groundworks specialist Mackoy Groundworks and Civil Engineering, with a revenue of £23 million, has been acquired by Geocore Civils through a pre-pack administration process for an undisclosed sum. The company entered administration on June 9, with insolvency expert Quantuma citing labor and material costs as contributing factors to its difficulties.

Geocore Civils was established during the six-week marketing period for Mackoy, and its directors include Mackoy founder and CEO Mike Mayock. All 20 employees have been transferred to the buyer under TUPE regulations.

Mackoy primarily provides groundworks, infrastructure, and civil engineering services to housebuilders. Quantuma added that Geocore Civils will seek to renew contracts related to multiple Mackoy sites, maintaining services for most clients.

Financial results for the fiscal year ending March 31, 2025, show Mackoy recorded a pre-tax loss of £589,000 and owed creditors approximately £6 million. A statement accompanying the accounts attributed the Bank of England's summer 2023 interest rate hike to increased client caution but noted that new contract leads were still growing. Quantuma's latest statement also indicated that changes in buyer behavior negatively impacted cash flow and profitability.

Quantuma Managing Director Kelly Mitchell said: "I am very pleased to have achieved such a positive outcome for this highly respected business, ensuring all employees' jobs are preserved. We are delighted to have secured the long-term viability of the business, enabling it to continue growing. I wish the team all the best in the next phase."

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