The Mews managing director Gareth Mullaney has bought the company out of pre-pack administration.
The post firm went into administration last week after its main financial backer withdrew support.
Mullaney said administration was “the only solution”, and that it was unrelated to the March liquidation of one of the companies in The Mews Group, which owed about £800,000 to HMRC.
“This wasn’t a situation where we bought the company back for a quid and decided to screw everybody else,” he said.
“Money is going to be paid to creditors, but it will be linked to the performance of the business.”
Mullaney said financial issues could prompt a change in strategy.
“There is a viable business, and the order book is full until October. We will always have a presence in the centre of the capital, but we are also looking at East and West London.”