Begbies Traynor has announced the sale of a Dorset-based building firm out of administration with 20 jobs set to be retained.
The insolvency specialists have sold C G Pitcher & Son to Hazel & West (Dorset) but will continue to trade under its original name.
Begbies Traynor’s Bournemouth office was called in to act as administrators to the firm - which was established in 1903 - on 13 June.
Begbies’ partner Julie Palmer explained: “C G Pitcher had grown from a turnover of £700,000 just three years ago to £5 million very rapidly.
“When four contracts they were undertaking became loss making - in particular a £800,000 contract at Avon Castle – they did not have the resources on their balance sheet they required to carry on.”
She added: “The new business hopes to continue with some of the contracts that were being undertaken but the problems caused by over-trading have led to a significant downsizing.”
A total of 20 of the original 42 staff will be retained by C G Pitcher & Son following the sale.