30 jobs saved at axe-threatened St Helens building firm

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A St Helens construction firm which was placed into administration has been sold - saving 30 jobs.

Paragon Construction went into administration on March 11.

Lindsey Cooper and Jeremy Woodside of RSM Restructuring Advistory LLP announced today (Tuesday) they had sold the company’s assets to Mason Lord Limited.

Of the 40 staff at Paragon, 10 were made redundant while 30 were retained by the new company.

Paragon Construction, based in Jackson Street, St Helens, went to administrators for advice in January because of the company’s dire financial position.

The sale was a pre-pack sale, a type of deal reached after a company goes into administration but before it is placed into insolvency.

Lindsey Cooper, RSM Restructuring Advisory partner and one of the Joint Administrators, said: “We are pleased that the sale of the company to Mason Lord has resulted in 30 jobs being secured.

“We considered a number of options including trading the business in Administration while a buyer was sought, but concluded that the practicalities and costs of doing so would be prohibitive.

“After marketing the business, we determined that a pre-packaged sale to Mason Lord Limited would be in the best interests of creditors.”