The Enquirer revealed last week that Brymor Construction had told subcontractors to stop work on sites and filed a letter of intent to enter administration in the High Court.

A statement from Hampshire based Portchester Equity said: “Portchester Equity is pleased to announce it has today acquired the assets and business of the Brymor Group – including Brymor Construction Limited.

“The Brymor Group is one of the UK’s top 100 independent construction companies, based in Denmead in Hampshire.

“When cashflow issues arising from the covid pandemic forced the group to appoint administrators Portchester Equity stepped in to secure its future.

“Portchester Equity, a Hampshire-based trading conglomerate, is owned by Mark Thistlethwayte and also owns Welborne Land Limited, the master developer of the Welborne Garden Village to the north of Fareham.”

No further details of the deal have been released but a number of former Brymor staff have revealed new roles on LinkedIn during the last few weeks.

One assistant site manager added: “This is not good news for everyone. I’m still owed a month’s salary and 35 days holiday.”