Hill Cannon, which specialises in multi-storey car park design, was placed in administration last week after problems with cash flow. It was immediately sold to Hill Cannon LLP, a new partnership formed by some of the former directors.
Thirteen jobs have been saved after the reorganisation. Sale price was not disclosed.
Joint administrator David Wilson of Begbies Traynor said: “Hill Cannon enjoys an excellent reputation within the industry and has a viable future. The new management is already putting measures in place to reduce overheads which will help it to remain profitable going forward.
“The swift completion of the sale has meant minimum disruption to the business, staff and clients, enabling the partnership to complete all ongoing projects, so preserving the value of the business for the benefit of creditors, and also enabling it to take advantage of some exciting new projects in the UK and the Middle East.”