A total of 70 jobs have been saved after a motor repair chain was sold out of administration.
The business and assets of Crossleys Accident Repair Centre, which has four sites in Poulton le Fylde and Liverpool, have been acquired by M & B Motors (North West) Ltd for an undisclosed sum.
Crossleys is a body shop and accident repair centre which has been owned and operated for the last 20 years by Martin Cross.
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Begbies Traynor was instructed to market the business and assets for sale after the firm was severely impacted from the number of lockdowns imposed as a result of the pandemic, which reduced its turnover and the availability of key parts required for the repair of vehicles.
Begbies Traynor added that the inability of staff to work through lockdowns due to furlough, illness and isolation also severely affected the ability to trade profitably which was compounded by credit limits being reduced.
The deal Crossleys Accident Repair Centre was achieved through a pre-packaged administration process.
Gary Lee, partner at Begbies Traynor, said: "We are pleased that this business with a positive reputation in the region has been sold as a going concern. The deal provides much needed continuity for customers and staff.
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"More than 55,000 companies across the North West find themselves operating under significant financial distress as result of the pandemic and the lockdown and Crossleys is one such business that fell victim.
"The new company is now in a position to grow the business as 2022 progresses and the economy continues to open up.
"We will see more examples of businesses like this across the region that are on the brink of financial collapse but who seek to restructure, refinance and bolster their existing management teams to lead them out of trouble and emerge stronger in the post-pandemic era."