Administrators have been called in to a polystyrene products manufacturer employing over 150 staff across five sites in England and Scotland.
Officials from RSM Restructuring Advisory were appointed joint administrators to Jablite Limited and Styropack Ltd on June 15 after the firms were impacted by the Covid-19 pandemic.
Paul Dounis and Matthew Haw of RSM said they then completed a prepack sale of the business and assets of both companies to a new group jointly owned by two former directors of the company and BEWi Synbra Group.
They said the sale of the companies - both of which manufacture expanded polystyrene products - has secured the continued employment of all 155 staff across its five sites, which include Howden in Yorkshire and Blackburn in the North West.
RSM said it was instructed to find a buyer when the group’s directors said they would be unable to trade through the financial and operational impact of the UK lockdown.
Mr Haw said: "Following a competitive sales process which attracted multiple bids, we’re pleased to have secured the ongoing and future operations of both companies.
"It is equally pleasing to have secured the jobs of some 155 staff. This is a particularly positive outcome for the employees considering the challenging and uncertain market conditions brought on by Covid-19."
The companies also run sites in Aberdeen, Ford in West Sussex and Belvedere in South-East London.
