Acorn Scaffolding (Yorkshire) fell into administration last week with administrator KPMG now securing the sale of assets to a connected party.
The firm was bought for £110,000 by former directors Andrew Nutter and Rebecca Nutter, who are also sole directors and shareholders of the purchasers Acorn Construction (Yorkshire).
This company was incorporated on 12 July 1996 and operates as a construction business.
Acorn Scaffolding (Yorkshire) collapsed after being hit by several of its key clients entering administration.
Due to falling sales over the past eight months, increased administrative expenses and staffing costs, Acorn made a loss of £2.3m in the period to November, and as a result was suffering from working capital issues.
Howard Smith, associate partner at KPMG and joint administrator, said: “The company’s directors explored all avenues before reluctantly placing the business into administration.
“However, the sale secures a future for the business in Yorkshire and saves jobs in the region.”