The deal will see the German manufacturer take on a fleet of 200 cranes and 370 staff.

The Enquirer first revealed that the £40m turnover HTC business was set to be sold earlier this year.

Site sources speculated that the deal had been worth around £17m.

Wolffkran said: “Due to the longstanding partnership between the two companies and the strong position of HTC as a leading tower crane rental company in the UK no changes are planned in the current business operations.

“The sight of impressive red Wolff tower cranes will thus continue to be a familiar one across the skyline of London.”

Dr. Peter Schiefer, CEO and owner of Wolffkran said: “With HTC we are taking an experienced and highly motivated management team and an extremely skilled work force on board. And the solid UK construction market was just another driver for our decision.“

The name of the new company will be HTC Wolffkran Limited.

Dave Holder, Managing Director of HTC, said: “Wolffkran has been the tower crane manufacturer of our choice for decades.

“Its reliable and state of the art cranes are the ideal fit for our ‘be the best’ culture. Becoming a fully integrated part of the Wolff family fills us with pride and confidence.”

PC Harrington Contractors Limited was placed in administration earlier this month while other companies within the group continue to trade as normal.