Just four years ago Hastie Burton was bought by Northern Bear for £3m. At that time it had 40 employees and a turnover of £3m.
In 2007, it was brought under the wing of Chester-le-Street-based building services group Northern Bear in a £3m deal.
By April 2011 the recession had left Hastie Burton in distress and Northern Bear sold it for just £1 to Newcastle-based Datewood Builders. Weeks later, Hastie Burton was liquidated and the remaining 20 staff laid off.
In the year ended 31 March 2011, it recorded an unaudited loss before tax of £110,000 and as at 31 March 2011 had unaudited net assets of £70,000.
New owner Adderstone has separated Hastie into two divisions - a joinery shop and a contracting businesses. The joinery shop is expecting to turn over £500,000 in its first year and increasing staffing levels from the current six up to 10.
The contracting business will merge with Adderstone Construction and is targeting £1m turnover in its first year, focusing on smaller niche projects.
Hastie Burton was established in 1903 by Hastie Duff Burton, who was responsible for building many of the schools and housing estates in North Tyneside in the first quarter of the twentieth century.
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