A FAMILY-RUN motorway breakdown service has found itself rescued.
Adminstrators from Duff and Phelps have sold Egertons Recovery to previous directors of the business.
The company, which was formed in 1962, went into administration on 23 March.
The deal protects the jobs of 150 employees.
Joint administrator Stephen Clancy, of Duff and Phelps, said: “Following a period of extensive marketing undertaken by Duff and Phelps Ltd, 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, 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,” he added.
Clancy was joined by colleague David Whitehouse on the administration.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children