C G Pitcher & Son, which traced its history back more than 100 years, has been sold to Hazel & West (Dorset), but will still trade as C G Pitcher & Sons.
The fourth generation family-owned building contractor’s difficulties had been caused by over-trading leaving no cash to trade forward.
Julie Palmer at Begbies said: “C G Pitcher had grown from a turnover of £700,000 just three years ago to £5 million 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.”
The original Pitcher building firm located in Sturminster Newton was founded by Edward Pitcher in 1903, before being renamed CG Pitcher & Son in the sixties by his grandson Graham.
In 2006 Graham’s son Mark became the fourth generation to join the family business which had grown to work nationally, taking on building and repair work up to £2m in value.