Almost 40 jobs have been saved at a Manchester-based architectural practice following a deal brokered by a Cowgills Business Recovery team.
The Fairhursts Design Group has been sold to a Sheffield-based third-party purchaser, saving 39 jobs across Manchester, Cambridge and Southampton.
The business operated as an architectural practice across three locations in the UK, offering its clients a national presence. It was established as a partnership in 1986, before incorporating as a limited company in 1992, but had experienced increasingly difficult trading conditions in recent times due to a challenging PI Market and commercial constraints felt across the industry.
Bond Bryan, a national design practice, acquired The Fairhurst Design Group Limited following high level discussions to ensure continuity of the business for its clients, as well as employment for its entire 39-strong workforce.
The existing management team will also transfer as part of the transaction.
Craig Johns, Partner of Business Recovery at Cowgills, led on the transaction. He said: “This transaction not only secures continuity for the business and clients alike, but also preserves employment for the entire workforce.
“The Fairhursts Design Group is a very well-established business which, for a number of reasons, encountered difficulties over recent years.
“We have worked with the directors and in these difficult and uncertain economic times are delighted to have been able to complete a sale to a third party purchaser which saves 39 jobs, and also secures the future of the Fairhursts brand which has been around for well over a century.”
The deal means Bond Bryan, which has six studios, including bases in Sheffield, Birmingham, Bristol, London and Kent, will expand its presence into Manchester, Cambridge and Southampton.
While both companies will continue to trade under their own names, clients will now have access to a much broader range of skills and specialisms, as well as a greater geographical spread across England.
Richard Fitton, Financial Director at The Fairhursts Design Group, said: “We were pleased to be working alongside Craig and his team during this difficult period for our business. We are delighted to have been able to establish a positive way forward which enables us to continue supporting our clients whilst securing employment for our 39 staff in the process.”
Steve Maslin, Commercial Director at Bond Bryan, welcomed the “future opportunities the transaction has opened up for both businesses.”
Craig added: “I would like to thank all involved for their focus and commitment in progressing this transaction, and to wish the business and all involved every success in the future.”