Ground Engineering business Aspin was owed £800,000 by Carillion and was only saved from collapse by the buyout by US equity private equity investor Sandton Capital Partners, according to documents released by administrator Deloitte.
Deloitte’s statement of proposals shows that Aspin was owed £0.5M by Carillion for completed work and had an exposure for £300,000 for ongoing work.
Aspin had already brought in Deloitte in December to find a buyer for the business and the collapse of Carillion put the additional strain on cash flow.
Despite the impact of Carillion on Aspin, Sandton Capital Partners bought out Aspin’s trading subsidiaries Aspin Group, Aspin Construction Group, Aspin Consulting, McGrattan Piling and Supplies and Rogers Structural Investigation.
Since Sandton’s acquisition of Aspin’s shares in 21 February, the company has said that is targeting significant growth with a vision to become a £60M turnover business by 2020. In the last set of accounts filed with Company House for the year to 31 July 2016, the business recorded a turnover of £43.7M.