Up to 150 jobs have been saved as vehicle recovery company Egertons is rescued from administration.
Administrators Duff & Phelps confirmed that they successfully sold the business and assets of Egertons Recovery Limited, which has operations in Birmingham, Coventry and Stafford, to Egertons Recovery Group Limited.
The company, established by the Egerton family in 1962, went into administration on March 23.
Egertons turned over in excess of £11 million in 2011, maintained 14 depots located primarily along the M6 motorway, and employed 150 staff.
Stephen Clancy, of Duff & Phelps, said: “Following a period of extensive marketing undertaken by Duff and Phelps, I am pleased to report that the joint administrators were successful in achieving a sale of the business and certain assets of the company as a going concern.
“A sale was completed shortly after the appointment to Egertons Recovery Group Limited, the purchaser, which is continuing to offer a ‘business-as-usual’ service going forward.
“The sale has preserved the jobs of all existing staff at the time of the transfer and safeguarded their future employment going forward.”
The company and the purchaser are associated by common directorships.