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The announcement came as the firm filed a notice of intention to appoint an administrator.
The court notice was lodged last week by the civils contractor which has been operating across the south of England since 1981.
Two years ago its specialist R&W Rail arm was shut down after suffering heavy losses.
A company statement said: “R&W Civil Engineering Ltd are in very advanced talks regarding the procurement of the businesses by an external party. We are currently unable to announce who the new owners are likely to be, however we are working hard to enable the agreement to be completed as soon as possible.
“We believe this to be a very positive step for our employees, clients, and our supply chain, as the purchase ensures our operations can continue with additional support.
“The potential purchaser is an excellent fit for us operationally and culturally, with their people at the centre of everything they do, combined with their ethos of working collaboratively with their customers and supply chain.”
Latest accounts for R&W Civil Engineering for the year to March 31 2022 show a turnover of £31.8m generating a pre-tax profit of £876,000.
At the time of the accounts being filed the company employed 122 staff and owed £3.5m to trade creditors.
Data and credit checking specialist Red Flag Alert highlighted the firms’ administration notice with its regular checks of high court construction insolvency applications.
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