The holding company fell into administration two weeks ago threatening a wave of job losses and supply deals across the UK.

But now former chief executive Raymond Acheson has bought its two trading companies through a new company.

Acheson, who has headed up the Tyrone-headquartered business for more than 30 years, said the double acquisition would enable Acheson & Glover and Acheson Glover Precast to move into the future with confidence.

The business sells a range of products across the UK from precast concrete panels and flooring systems to paving and flags. It operates a sales office in Birmingham after closing down outlets in England several years ago.

Acheson, who is being supported by the Bank of Ireland, said the development came at an exciting time for the businesses as all their markets are now improving.

He said: “Both trading companies have been making good progress for some time now and especially in recent months. Acheson & Glover Precast Limited has a full order book and Acheson & Glover Limited has seen its sales in Great Britain double.

“That’s why I am confident in making this investment. We are very optimistic about the future and delighted for everyone associated with the businesses.”

He added: “This is great news for everyone concerned as it enables both businesses to continue to trade as normal without any impact on staff, customers or suppliers. Put simply, for everyone connected with Acheson & Glover it is business as usual.”