Corporate recovery specialists Begbies Traynor has sold the business to Hazel & West (Dorset) Ltd, but it will continue to trade as CG Pitcher.
As previously reported, Begbies Traynor partner Julie Palmer and director Simon Campbell were appointed as administrators on 13 June 2011, having established that the firm’s difficulties had been caused by over-trading and that the business had no cash to trade forward.
Ms Palmer said: “CG Pitcher had grown from a turnover of £700,000 just three years ago to £5m very rapidly.
“When four contracts they were undertaking became loss making - in particular a £800,000 contract at Avon Castle – they did not have the resources on their balance sheet they required to carry on.
“The new business hopes to continue with some of the contracts that were being undertaken but the problems caused by over-trading have led to a significant downsizing.
“We were able to save 20 jobs out of 42 and hopefully the new business is now of a scale that can survive and prosper once again.”
The company was founded in 1903 and was in the fourth generation of family ownership when it failed.