The business and assets have been sold to Lancashire-based M & B Motors (North West) Ltd.
Crossleys is a body shop and accident repair centre which has been owned and operated successfully for the last 20 years by Martin Cross.
It was severely hit by the number of pandemic lockdowns, which reduced not only turnover but the availability of key parts required for the repair of vehicles.
In addition, 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.
Begbies Traynor was instructed to market the business and assets for sale as a going concern and preserve employment for the experienced and skilled workforce.
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.
“More than 55,000 companies across the North West, including almost 10,000 in Lancashire 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.