The move saves 25 jobs at the historic firm which began trading in 1880.

Administrators at FRP Advisory LLP have sold part of the business and assets as a going concern out of administration to newly incorporated T Denman & Sons Limited.

The contracting division couldn’t be saved and was closed with the loss of 15 jobs.

FRP said a recent downturn at the contracting division was due to increased competition which had eroded margins to unsustainable levels and the undertaking of some poor performing contracts.

Chris Stirland, joint administrator, and partner at FRP Advisory, said: “We are pleased to have sold this long-standing Leicestershire-based building business, comprising the remaining maintenance division, and securing 25 jobs in the process.

“We would like to thank the loyal customers and key suppliers for their support during the administration process, allowing for the business to continue to trade during the 12 day period of administration and we wish the business under new ownership all the success for the future.

“As administrators we have provided any former staff with the necessary support to make timely claims from the Redundancy Payments Service.”