Bristol-based Integral, one of the UK's largest independent providers of property maintenance services, has paid administrators an undisclosed sum for the South Western and Eastern prime defence contracts of collapsed building services specialist MJN Colston.
The deal will save nearly 50 jobs in Bristol and Bury St Edmunds following the demise of the Teesside company last week.
Integral managing director Bryan Glastonbury said: “I was extremely saddened to hear of MJN Colston going into administration, having been the managing director of the business in the '80s and '90s, when it was extremely profitable.
"I am delighted to be given the opportunity to save the employment of some very loyal staff and have the opportunity to support both Babcock and Lend Lease on some very interesting projects.”
In fact both companies share a common heritage. Integral was spun off from Staveley Industries in 2005 while MJN Colston was owned by Staveley Engineering Services.
Integral, which has an annual turnover of £200m and employs more than 2,800 staff, was advised on the MJN Colston transaction by Momentum Corporate Finance, Bristol's leading independent corporate finance boutique.
