Jobs have been saved after a Greater Manchester company which carries out anti-corrosion works on sites throughout the UK and abroad was sold out of administration.
Ferrous Protection was founded in 1987, headquartered in Delph, Saddleworth, and its services include tank cleaning, bund sealing, tank lining and external painting.
Andrew Knowles and Stephen Clancy, both of Kroll Advisory, were appointed joint administrators towards the end of August before being immediately sold, along with a number of assets, to a third party.
READ MORE: Regeneration specialist Urban Splash's turnover jumps after £90m demerger deal
The acquisition was made by FPL2021 Ltd which is now trading the former business of the company as Ferrous Protection having bought the company name as part of the transaction.
Mr Knowles said: "The pre-packaged administration has also allowed all 20 staff who were employed by the company at the date of appointment to transfer to the purchaser under TUPE and thus reducing both preferential and unsecured creditor claims in the administration.
"The transaction has also maintained continuity of the company’s customer base and supply chain, which has preserved the value of the company’s business and assets as far as possible. This will also ensure that debtor recoveries are maximised."
The joint administrators are continuing with their duties following the sale, realising assets, and distributing funds to creditors as well as investigating the financial affairs of the company.
