Ridgespear - Administration

Ridgespear, an Exeter-based technology and manufacturing company specialising in underfloor heating, had its business sold out of administration to Genuit Group via a pre-pack deal on 6 August.

The company, which employs 61 people in Exeter and a further 29 at its factory and design facility in Lomza, Poland, develops and manufactures products in the building materials market throughout the UK and Europe, with brands including Omnie and Timoleon.

In recent times, Ridgespear has faced growing financial pressure as a result of rising costs and a subdued construction market. 

Lucinda Coleman and Stephen Hobson of PKF Francis Clark were appointed joint administrators on 6 August and immediately sold the businesses to Genuit Group, a listed manufacturer of plastic piping systems. 

Charlotte Duce and Lee Sennett of Shoosmiths provided legal advice to the administrators.

Bibby Financial Services as security trustee, Darren Henry Trivett and Rex Anthony Ingram have registered charges against the company.