Baker Tilly was appointed administrator for Stonewest Group and its subsidiaries last week.
Stonewest Ltd, the largest company in the group, was soon acquired, with all its 128 employees transferring to the new company. A spokesman for Baker Tilly was not prepared to reveal the identity of the buyer until creditors had been informed. The 61 employees of other group companies have been laid off.
Croydon-based Stonewest Ltd was subject to a management buyout led by Kevin Reuter in 2001. After the acquisitions of St Blaise in 2003 and Cambridge-based Rattee & Kent in 2006, Mr Reuter became group CEO.
All companies in the group specialise in masonry restoration and conservation. Stonewest Ltd worked on the recent refurbishments of St Pancras station, St Paul’s cathedral and Selfridges store in London.