Twelve jobs have been saved at a packaging supplies company after a competitor stepped in to buy the business from administrators.
Centerpac, based in Dinnington, Sheffield, has been acquired by the Samuel Grant Group, following a week-long race to find a buyer for the firm.
The company, which supplies packaging materials and equipment, was forced to stop trading in December after it ran into financial difficulties.
It was placed into administration last month, and joint administrators Graham Newton and Paul Bates of accountancy and business advisory firm BDO appointed surveyors and valuers Charterfields to identify potential buyers.
Ian Maycock, director of Charterfields, said: “As Centerpac had already stopped trading, we knew we only had a very short time to find a buyer before customers and staff deserted and the business simply fell apart.
“Fortunately we were able to identify a number of interested parties, including one from overseas.
“Discussions were held, a buyer selected and the deal completed less than a week after the search began. We are particularly pleased that the jobs of the 12 staff will be secured under the new ownership.”
Established in 1891, the Samuel Grant Group is the largest privately owned packaging distributor in the North, employing 80 staff and with depots in Leeds, Sheffield and Jarrow.