The deal is understood to have saved the 60 staff whose jobs were under threat and gives continuity of work to around 100 subcontract workers on its books.

Options Utility Services Ltd (in administration) will now trade under the name Options Energy Services, under the directorship of John Flannery and Steve Wignall.

Joint Administrator Phil Armstrong said: “Having received a number of offers for the business, we determined that the proposal submitted from the incumbent management team represented the best way forward, both for the long-term sustainability of the business and securing the best value for stakeholders.

“As a result of this swift action the company has preserved its client base of top tier utility organisations.”

Options counted Skanska, Enterprise, Thames Water and Southern Electric Contracting among its client list.

And it was working for Carillion-Telent as a major infrastructure service provider on the BT Openreach network.

Founded in 2002, Options started out providing services to the telecoms market, and later diversified into electricity, water and gas to become one of the industry’s fastest-growing independent civil engineering contacting firms.

More recently it also branched out into council highways maintenance.