Royden Engineering’s management team called in administrators from Grant Thornton on Monday after the firm ran into financial trouble.
Immediately following the appointment , the business and certain assets of Royden Engineering were sold to a new company, Royden Structures, with all jobs transferring to the new company.
The prepack deal will save 89 jobs at the Merseyside firm and allow it to complete contracts for major contractors.
Rumours have been circulating the steelwork world for weeks about problems at Royden Engineering.
Les Ross at Grant Thornton said: “Concluding this deal quickly provided opportunity to preserve jobs and provide the best outcome for creditors.
“The removal of uncertainty in a contracting scenario is essential to produce the best outcome.
“There remain a number of assets to be disposed of and we are working to achieve this.”
Royden Structures is now trading and is working to fulfil the ongoing contracts of Royden Engineering.