The London-based property and construction consulting arm of the Pettifer Group has been sold as a going concern by administrators.

P.C.M. Limited has been sold to Confluence Project Management, saving 64 jobs following the adminsitration of Pettifer Construction earlier this month.

Will Wright, restructuring director at KPMG which is the administrator for the group, said: “In a difficult market we are delighted to have secured this sale which preserves the jobs of the 64 company staff just prior to the Christmas period.

“We are continuing our work on the administrations of Pettifer Construction Limited, Pettifer Estates Limited and Pettifer Group Limited.”

The Warwickshire firm went into administration last month following the downturn in the housing and commercial property sectors, with the loss of 120 jobs and putting at risk more than 100 more.

Pettifer Construction is one of the country’s best-known family building firms. It was begun in 1955 by Tom Pettifer, and is still run by his descendants from their West Midlands base.

The company has sites in London, Birmingham, Leeds, Manchester and Glasgow and a turnover of £50million and was involved in 24 projects nationwide prior to administration.

The company's Pettifer Estates arm, which has not gone into administration, is behind the ambitious VerTiPlex project, a £95million amusement park is set to open in 2010 next to Millennium Point.