THE STRUCTURAL waterproofing business of collapsed Dew Pitchmastic has been sold to specialist construction group GJP Holdings for an undisclosed fee.
Pitchmastic PmB was the only member of the Dew Pitchmastic group to escape insolvency after subsidiaries Dew Construction and Dew Remediation called in receivers three weeks ago.
The company, based in Sheffield with 14 staff, becomes the fourth member of the £20 million turnover GJP group, which is headed by chairman George Paxton. GJP also owns three other specialist firms: Universal Sealants, Structurecare and concrete repairs business Nuf ins.
Pitchmastic director Adrian Pike said: 'We are a good fit for their business and as part of a bigger group we can grow the company as well. For our customers it's business as usual.'
Dew Pitchmastic chief executive Hugh Grayson broke his silence on the collapse of his company last week, saying directors had worked for months to sell the business and address the company's crippling pension deficit.
Mr Grayson said: 'For at least nine months the management simultaneously resolved and finished any problem contracts, so that future trading prospects were sound, and sought purchasers for the group's businesses.
'This was a lengthy process and two purchasers had virtually concluded several months of due diligence following the earlier agreement of terms, but one purchaser pulled out at the last minute.'