Harlow earthmoving firm CJ Pryor has been sold to transport company Hargreaves Services, saving 60 jobs.
CJ Pryor put subsidiaries CJ Pryor (Holdings), CJ Pryor (Plant) and CJ Pryor (Contracts) up for sale in January after suffering “a severe shortfall in working capital”, with all 77 jobs under threat.
At the time, the group said only 15-20 staff may be retained. However, all 60 of the CJ Pryor staff that stayed with the group during the sale process are now expected to transfer to Hargreaves.
Turnaround specialists from FRP Advisory handled the sale of the businesses. The firm said it received 40 expressions of interest.
Partners from FRP were briefly appointed as administrators of CJ Pryor yesterday before completing the sale of the business.
In a statement, FRP said: “The sale of the ongoing business, trade and certain assets to Hargreaves ensures a continuity of trading and servicing of existing contracts and provides the most viable long-term solution for all concerned.”
Under the terms of the deal, “a key contract” will novate to Hargreaves, with FRP adding that it has also provided for “the best prospect for novating other contracts”.
FRP partner and joint administrator Glyn Mummery said: “The sale of this long-established Harlow-based business to Hargreaves is good news for all concerned - the ongoing construction contracts which depended on the business’ earthmoving expertise and of course the regional economy.
“We would like to thank a supportive customer base who, together with a loyal workforce, helped see the business through the administration process. We wish all concerned under the new ownership of Hargreaves, an established operator in the construction market, the very best for the future.”
CJ Pryor was established in 1947 and works primarily in earthmoving, civil engineering and related earthmoving haulage for infrastructure projects. It has won work with contractors including Bouygues, Bowmer & Kirkland, Skanska and VolkerFitzpatrick in the last year.