The deal with administrators from Deloitte completes the sale of the failed group’s major assets and means that the vast majority of jobs with the group have been saved.

But Daniel trade creditors will now have to wait to see how much Deloitte has raised from the sale of Land & Marine, Subterra and other Daniel Contractors’ assets to see if they stand a chance of recouping any of the cash they are owed.

RadiusPLUS started operations in 2002 as an operating division of plastic pipe manuafcturer Radius Systems.

The firm, which is now part of the Russian Polyplastic Group, provides site-based services for the welding, installation and commissioning of pipelines, together with services for hot tap connections, flow stopping and repair solutions.

RadiusPLUS will now offer extra pipe lining services using Subterra’s skills in production of epoxy and polyurethane resins, spray coating of metallic pipes, together with the polyethylene pipe renovation technologies known commonly as Subline and Rolldown.

Derek Muckle, director of RadiusPLUS, said: “After 10 years of steady organic growth based on our own innovation efforts, it is fantastic news to announce the acquisition of Subterra, a company with a strong reputation for innovation particularly in the water utility markets.

“This acquisition brings a range of technologies which are a good fit to our business and allow us to offer extra services to our utility and contractor partners both in the UK and in the emerging Russian and CIS markets.

“We are especially pleased to have the skills and contribution from the employees of the Subterra business who will be transferring.”

The UK business units will continue to trade as RadiusPLUS and the Subterra brand will continue to be used in connection with the pipe lining technologies.