THE administrators appointed by the builder of a major project on Poole Quay say they have saved all 107 jobs by selling the business.
Brymor Group was building Vespasian, a block of 64 flats plus commercial space on the former Poole Pottery shop site.
It also had the contract to build Southampton Football Club’s new gym at its Marchwood training ground and had previously built the city’s Horizon Cruise Terminal.
Earlier this month, the Portsmouth-based builder had filed notice of its intention to appoint administrators – a move that gave it breathing space from creditors.
Winchester-based trading conglomerate Portchester Equity announced last week that it had stepped in to secure the future of the company.
Professional services firm Alvarez & Marsal Europe has said its staff Michael Magnay and Mark Firmin were appointed as joint administrators.
At the time of the administrators’ appointment, Brymor had around 13 live projects, with 107 staff, it said.
Alvarez & Marsal said it had immediately sold the business and assets of Brymor Group Ltd and Brymor Construction Ltd to two newly incorporated companies, owned and funded by Portchester Equity.
A statement said: “The sale has secured the employment of all employees who have transferred to the purchasers as part of the sale.”
Michael Magnay, managing director of Alvarez & Marsal, said: “The UK’s construction sector is facing structural headwinds which unfortunately the group was unable to weather.
“By facilitating the sale of the business and its assets to the Purchasers, we are pleased to have preserved the jobs of over 100 highly skilled employees and secured a future for this respected business. We wish the company and its new owners every success moving forward.”
Family-owned Brymor was established in 1987 by chairman Stephen Morton and his wife Jan.
In recent times, it completed a £27m contract to build the Horizon Cruise Terminal for ABP, and the £10m contract to refurbish the University of Southampton’s Montefiore Halls of Residence.
In the year to March 2020, it made a pre-tax loss of £166,077 compared with a £1.13m profit the previous year.