Law firm Lawrence Graham advised administrator Smith & Williamson on the restructuring which involved turnaround investor RCapital.

Lawrence Graham said: “The restructuring has helped save over 350 jobs and ensured the continuation of vital building works at the Olympic site in Stratford.”

Insolvency partner Steven Cottee said: “This was a complicated transaction involving a number of disciplines (restructuring, construction, real estate, employment and tax) and it was conducted in a very short time frame.

“The result has been the saving of over 350 jobs and the continuation of work at the Olympic site at a critical time”.

Benchmark Scaffolding Limited is one of the largest scaffolding companies in London and South East England.

It has a management team of around 30 together with approximately 350 scaffolders served by a commercial fleet of 36 vehicles, with branches in East London and South Yorkshire, as well as a head office in Hanwell, West London.

It is currently working on the Olympics site and the Westfield shopping centre in Stratford, and has recently worked on the refurbishment of the House of Commons and Selfridges.