New owner for Cubby Construction

Local investors have agreed a deal to take over Carlisle-based of Cubby Construction Limited.

Investment group Svella expects to complete the solvent acquisition of Cubby Construction within the next few days.

Svella was set up in 2018 in Carlisle by former Stobart executives Andrew Tinkler and Ben Whawell to invest in under-performing companies. It bought the telecoms, plant hire, transport and site accommodation divisions of NMCN in 2021 and then Aberla Energy and Aberla Utilities in 2022.

Cubby Construction has been under the ownership of the Cubby family since its foundation in 1968 but had recently ran into financial troubles.

Director Tommy Cubby told Cumbria’s News & Star that financial issues with working on and subsequently leaving the Carlisle Southern Link Road project last year had led to an agreement with Svella, which put in working capital to keep the business going.

He said that the damage to the Sands Centre roof in Carlisle, another Cubby project, during Storm Eowyn in early 2025 had compounded the problems.

In May this year Svella revealed that it was in discussions with Cubby about a £12m investment in the business.

Yesterday it announced: “Svella Plc is pleased to confirm that, following agreement by all parties, it is targeting completion of the solvent acquisition of Cubby Construction Limited by the end of June.

“This development represents a highly positive outcome for customers, employees and suppliers alike. The acquisition will ensure continuity of operations for Cubby Construction and provide the investment necessary to support the long-term growth and success of the business.”

Most recent Cubby accounts, for the year to 31^st May 2023, show revenue of £24m.

Cubby had itself acquired Finlaysons Contracts, based in the Scottish Borders contractor, in 2020. Finlaysons Contracts had originally been part of Border Construction.