Troubled Portsmouth-based contractor Brymor appointed administrators to help secure the sale of the business and save up to 100 jobs.
Michael Magnay and Mark Firmin from Alvarez & Marsal were appointed as administrators for Brymor Group Limited (BGL) and Brymor Construction Limited (BCL) on 8 July, prior to the firms and their subsidiaries being sold to investor Portchester Equity.
The group of companies had been working on 13 sites with 107 employees when it ran into financial difficulties, citing cashflow problems and the COVID-19 pandemic for its demise.
Immediately after the appointment, the sale of the business and assets of BGL and BCL was completed to the Hampshire investor.
According to administrators, the sale “secured the employment of all employees who have transferred to the purchasers as part of the sale”.
Alvarez & Marsal managing director Michael Magnay, 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.”
Earlier this year, the firm was named as the main contractor to build a state-of-the art gym for Southampton FC, trebling the size of the club’s existing facility at its Staplewood training ground.
Recent major projects include the £27m contract to build the Horizon Cruise Terminal at the Port of Southampton, and the £11.1m refurbishment of the University of Southampton’s Montefiore Halls of Residence.
In the year to 31 March 2020, Brymor Group turned over £76.3m and made a pre-tax loss of £625,000. Brymor Construction turned over £66.1m and lost £166,000 before tax.