Pre-pack deal saves 30 jobs at construction firm

SOME 30 jobs have been saved in St Helens business after Paragon Construction was sold out of administration.

Lindsey Cooper and Jeremy Woodside of RSM Restructuring Advisory were appointed joint administrators of Paragon Construction Group on March 11.

Subsequent to the appointment, the company’s assets were sold to Mason Lord in a pre-pack deal.
 
Of the 40 staff at Paragon, 10 were made redundant while 30 were retained by the new company.

The directors of Paragon Construction, based on Jackson Street in St Helens, sought advice from RSM Restructuring Advisory in January 2016 as a result of the company’s deteriorating financial position.
 
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.’

The transaction has also received the approval of the pre Pack Pool.