Companies House records show the Essex based contractor changed its name last month to Value Realisations and administrators were appointed to the firm eight days later.

The firm was then sold to VVB M&E Group Limited which was formed in September.

VVB M&E Group Limited is owned by investment fund Sandton Capital Partners which acquired the original VVB Engineering business in May.

Matt Meehan, Sandton Capital Partners said: “This is a very important stage for the Group and its future success.

“The new structure importantly retains jobs and ensures the business can continue to service its existing and prospective client base and we look forward to working with suppliers as we continue to service ongoing contracts.

“This decision has been reached in the best interest of all parties; and we are committed to driving forward the business and working together to secure the future of the business and its position as a leading contractor in the engineering and infrastructure sector.”

VVB currently employs 250 people in its core sectors of rail, road, airport, power and utilities and construction.

Symon Wilson, Managing Director at VVB said: “Since its foundation in 1991, VVB has been focused on serving and delivering flexible, tailored solutions to UK and International customers.

“The new group structures will provide long term stability and investment to the existing core business. This also supports the future sustainable growth of the business.

“The UK business activities and staff of VVB and our subsidiaries will remain unchanged and all terms and conditions of employment have been preserved.

“The VVB M&E Group Limited owned by Sandton Capital Partners share the same drive and ambition, along with commercial stability, to achieve our vision to become the market leading M&E company.”

Last filed accounts for VVB Engineering show the business made a pre-tax profit of £1.5m from a turnover of £79.7m for the year to April 30 2017.