Gomer Electrical, which operates from offices in Cardiff, Tamworth, Dundee and East Kilbride, was placed in administration just over a week ago.
The firm mainly worked directly for clients on heating and ventillating plants but also carried out new building installation work for Midas Retail and Sir Robert McAlpine.
It also counted supermarket giants such as Lidl and Asda among its clients
But a deal is understood to have been agreed to buy the assets of the business, allowing it to continue to trade from its existing bases under a new name, which has yet to be revealed.
The former Gomer management team will run the new trading business. Creditors will receive details from Grant Thornton within the next few days.