Private investor Thomas Anderson bought the firm through Inspiration Holdings and has consolidated the business into four offices in the UK and Abu Dhabi.

The company will continue business operations as normal under the new ownership, trading from Bristol, Exeter and London, as well as in the Middle East.

Andrew Whitehead joins the new business as operations director, overseeing the day-to-day running of the business.

He said: “Clarke Bond is a company with huge potential for continued success and future growth, which I’m delighted to have the opportunity to be part of.”

Accountant BDO was appointed as administrator two weeks ago and closed offices in Sale, Harrogate, Birmingham and Swansea.

The sale is expected to save 72 jobs in the UK.

Mark Roach, BDO business restructuring director, said: “The group is very well known and has a great reputation in this sector, but has found trading tough due to difficult conditions in the construction sector.

“While we were unable to save the business in Wales, the Midlands and the North of England, it’s positive news that – with the assistance of the purchaser – we were able to sell part of the business and secure 98 jobs in the UK and Middle East.”

Clarke Bond operated from eight sites in the UK, along with an office in Abu Dhabi in the Middle East.

It employed 117 staff in the UK and 26 in the Middle East.