Leeds-headquartered Zenith has acquired the fleet services, rental and finance operations of the Cartwright Group out of administration, safeguarding about 260. jobs.
Cartwright Group is a privately-owned commercial trailer manufacturer and rentals specialist based in Altrincham, with depots in Leeds, Glasgow and Aldridge.
Michael Magnay and Dan Smith, restructuring partners at Deloitte, are overseeing the administration process and have completed a sale of the business and assets of Cartwright Fleet Services and Cartwright Rentals to Contract Vehicles – the commercial vehicles division of Zenith.
The deal has saved 259 jobs but about 480 redundancies have been made at S Cartwright & Sons (Coachbuilders) and Cartwright Fabrications, which fall outside of the sale.
Cartwright Group has been heavily impacted by the Covid-19 pandemic, resulting in the closure of the manufacturing site for several months.
Magnay said: "While we are pleased that a total closure of the group has been avoided, we regret that today's announcement includes a number of redundancies.
"Our thanks go out to all the employees at what we appreciate is a difficult time, and we are providing support to those affected."
Zenith's acquisition is set to creates a HGV and specialist fleet with more than 50,000 vehicles and one of the largest trailer rental fleets in the UK.
Martin Jenkins chief executive of the HGV and specialist vehicles division and group strategy director at Zenith, said: "We are backing a talented management team and people across the three Cartwright businesses we have acquired, and we look forward to working with their customers, employees and suppliers alike.
"The businesses have a good reputation in their sector and are a great fit with the customer-first culture at Zenith. Bringing these operations together is an important step in our strategic growth plans and supports our position as the leading provider of fleet services across all asset types in the UK."