Jobs have been saved at St Helens-based contractor Paragon Construction Group after the company was sold out of administration.
Paragon Construction Group went into administration earlier this week, with 40 jobs at risk.
RSM Restructuring Advisory were appointed as joint administrators on 11 March, but the company’s assets have now been sold to management consultant Mason Lord Limited.
Of the 40 staff at Paragon Construction, 10 have been made redundant while 30 have been retained by the new company.
Paul Barrow, who acted as managing director at Paragon Construction, is listed as a director at Mason Lord Limited, according to Companies House documents.
Commenting on the sale, Lindsey Cooper, RSM Restructuring Advisory partner and one of the joint administrators, said: “We are pleased that the sale of the company to Mason Lord has resulted in 30 jobs being secured.
“We considered a number of options including trading the business in administration while a buyer was sought, but concluded that the practicalities and costs of doing so would be prohibitive. After marketing the business, we determined that a pre-packaged sale to Mason Lord Limited would be in the best interests of creditors.”