Censeo Engineering CEO Kate Middleton believes the business has a bright future after being salvaged from the collapse of claims service provider Stream Group Australia.

The structural engineering and building consultancy was acquired by loss adjuster Cerno in 2011, which in turn merged with Stream last year.

Stream’s Australian operations have since been placed into liquidation, but Censeo survived thanks to a re-privatisation through a management buyout.

Ms Middleton, who was previously working as a consultant to Stream, is aiming for 75% growth and a turnover of $4.5 million in the next 12-18 months.

“It is no small task entering an operating environment where client, supplier and staff sentiment is critically low,” she told insuranceNEWS.com.au.

“However, having come from more than a decade of experience within the insurance and investment realms, including previously using Censeo as a key supplier, I knew that something great could be salvaged.

“Censeo has a unique value proposition and a solid 10-year track record of experience within the engineering and building consultancy space. I just had to bring it back from the brink.”