The deal saves 23 jobs at the factory in Swinton and ensures that production of terrazzo tiling remains in the UK.

The management team received backing for the deal from Kengate, another terazzo flooring firm.

Joint administrator and associate partner at KPMG Paul Flint, said: “The deal to sell the Quiligotti division of Pilkington’s is the result of nearly six months work on this case.

“In particular, we are delighted to have secured the future employment of the division’s loyal workforce, and are also extremely pleased to be able to leave the business on a solid footing to continue manufacture.”

He added: “We would like to take this opportunity to thank all of Quiligotti’s valued clients and customers for supporting the business through this difficult period.

“We would also like to acknowledge the role played by its suppliers in allowing this business to continue to trade, thereby helping to secure a great outcome for all.”

Kengate will now become one of the major shareholders in the new company, Quiligotti Terrazzo Tiles Ltd.

Pilkington’s Tiles had employed 368 people at sites in Greater, Dorset and at Swords in Dublin prior to its collapse in June and had been run by a management team led by former chief executive Ray Tarr, who had led a buyout of the firm in May 2004.

An administrators’ report produced in August showed that the firm had debts of £30m – £23m of which were unsecured for which creditors are unlikely to be repaid.