Management says bank decision to call in administrators was a “hostile move”.
A senior management buyout has saved around 300 jobs at Hewlett after the group was placed into the hands of administrators on Monday.
Hewlett, one of the largest privately owned civil engineering companies in the UK, said its management team is acquiring the assets, retaining the employees and “keeping the operation alive”.
The new owners of Hewlett are members of the senior management team, John Duffy and managing director Alan Cooper.
Mr Cooper said: “We are extremely disappointed by the banks decision to call in the administrators.
“It was a hostile move and a judgement which was premature and not backed by the directors. However, I’m pleased that the acquisition of the business and assets has been completed so quickly, ensuring the future of the business and of its employees.
“I am extremely grateful for the support of the staff and clients in what has been a difficult few days for the company, and remain confident the business will soon regain its momentum.
“Hewlett is a 25-year old business with a strong identity and successful track record. Renewed independence will enable us to continue to develop the business in the direction that we choose and respond quickly to a challenging market whilst focusing on the needs of our clients and our employees.
“We look forward to continue to serve our core client base in the UK, while also looking towards opportunities overseas.”
The Leeds-based firm, which has been trading since 1987, and operates from offices in Leamington Spa and Perth has in recent times counted Lend Lease, SSE and Network Rail among its clients.
The buyout which has been led by the management team, means the business will continue to trade as Hewlett in future and it is hoped most contracts held will be bestowed to the new company helping to protect many of the jobs.
The resurrected firm will continue to operate from the Head Office at Thorpe Park in Leeds and its training division will also remain in operation at Cross Green.
The company intends keeping on its current workforce and will continue to work with its existing clients and suppliers.