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 The firm was forced into administration earlier this month after a string of tier one contractors defaulted on £8m of payments.

Administrators from Grant Thornton were appointed who sold the firm’s Builders Beams division to Steelo Ltd and its Shoreham site to Barrett Steel.

Guy Parker, former managing director of John Parker & Son, will now head up the newly formed ParkerSteel Ltd business after securing significant financial investment from overseas.

Steel giant forced under by £8m debts from main contractors

The acquisition safeguards more than 250 jobs and enables the new company to continue operations from the Canterbury and depots in Cambridge and Andover.

Guy Parker said: “We’re very relieved to have secured investment and to be able to tell our staff that their jobs are safe.

“As far as our customers are concerned, it’s very much business as usual.

“We’ll continue to offer a wide range and volume of steel stock and a variety of metal processing services, with next day delivery of stock providing orders are placed before 6pm.”

constructionenquirer.com