Marsden Quarry, which was owned by Owen Pugh Aggregates Limited, has been sold to O’Brien Aggregate Marsden Limited, safeguarding the employment of all existing staff.
Joint administrators Chris Petts and David Dunckley of Grant Thornton UK LLP have sold the quarry following the administration of the wider Owen Pugh group in October last year.
The deal comes after months of discussions between the joint administrators, O’Brien Aggregate Marsden, and their advisors.
Chris Petts said: “I would like to personally thank all of the retained employees of Marsden Quarry for their support during this difficult period and I am very pleased to have been able to repay their support by securing a going concern sale to such a reputable local businessman in Gordon O’Brien.”
O'Brien says that a further 30 jobs will be created through the move and he is set to meet with councillors in South Tyneside to discuss plans. He commented: "We are delighted with the acquisition.
"There has been a lot of hard work in completing this deal and now we can focus on the operations.
"Safeguarding the current jobs and creating a further 30 jobs for the area along with others within the local supply chain. "We are meeting with Councillor Tracey Dixon to discuss plans for the site."