Stricken fit-out firm Paragon Interiors got a last-minute reprieve at the High Court as assets owned by the company were sold in an 11th-hour deal.
A bid to wind-up the group, which went into administration in February, was due to be heard today but it was put on hold as it emerged London-based Elev8 Interiors Limited had taken on "certain assets" from Paragon.
Elev8, a fellow Fit-out company, works with blue chip clients including Coca-Cola and Heineken.
In a statement, Paragon's administrators, Leonard Curtis, confirmed the sale and suggested the move could see Paragon re-start trading and some of its employees, who were all made redundant last month, being re-hired.
Richard Pinder, one of the joint administrators, said: "We are pleased we could deliver a sale to Elev8, who are a highly-regarded operator in the industry.
Business nearly goes under because it's owed £24,000 from work on a Paragon Interiors project
"Elev8 and the team are committed to restoring the reputation of Paragon, which might involve some recruitment of former Paragon staff members.
"We would like to thank the team at Elev8 led by Jon Singh and Bevan Hancock and also thank Paragon’s former employees for supporting the joint administrators throughout the last six weeks."
The winding up petition for Paragon was lodged by construction and service provider O'Neill and Brennan Construction Ltd over a £103,680 debt it claimed it was owed by Paragon, which was founded by Notts County boss Alan Hardy.
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There was also an undisclosed supporting petitioner who it was said was owed £84,000. The winding up petition was suspended by insolvency judge Sally Barber.
Following confirmation of the sale, Jon Singh, Managing Director at Elev8, said: "We are a multi-award winning company and have a clear vision now we have secured the purchase of Paragon.
"We have worked hard to establish ourselves in the marketplace, working with blue chip clients such as Coca Cola, Softbank and Heineken, to name a few. With a combined total of 53 years’ experience between the two companies we are confident and excited about the future."
An initial deal to sell the company fell through last month and led to 90 employees being made redundant. Prior to the company being put into administration, a leaked email showed staff had not been paid.
Had the company been wound up today its affairs would effectively have been handed over to an Official Receiver.
His job would then have been to do his best to ensure that debts are paid off by selling any assets available and then bringing business to a close.
Creditors who carried out work for Paragon but were not paid say the update has raised hopes they will now receive their funds.
Mark Bott, owner of Carlton-based Office Partitions (Middleton) Ltd, claims he is owed £24,000 for work carried out on offices at the University of Warwick at the end of 2018.
Mr Bott is owed the funds from CIM Associates Facilities and Cleaning Ltd, which was the main subcontractor for the work which had been awarded to Paragon.
Mr Bott said: "That does sound like good news - it has made me a little more hopeful. It is not just about me, there are many other people out there and it there is a possibility that people could get their jobs back as well, that is good news, in today's climate."
CIM has been contacted but they were not available for comment. The owner had previously told Nottinghamshire Live that they are also owed money by Paragon, but would endeavour to pay all parties that worked on the project.
The news comes as Notts County Football Club, also owned by Alan Hardy, had its own winding up petition adjourned until June to allow for a potential takeover deal for the club to be completed.
Nottinghamshire Live has contacted Elev8 over the sale and what it will mean for creditors and the Paragon name going foward.
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