Joint administrators from KPMG have agreed to the sale of the share capital of Clugston Distribution Services Limited.
The Big Four firm announced that James Clark and Howard Smith, from its restructuring practice, would be appointed as joint administrators of the construction firm last December.
After the group fell into administration, 150 of 412 employees were made redundant.
The group continued to trade as normal in recent weeks, however, and has now been acquired by AJWG Limited. The transaction followed a marketing process led by KPMG.
The sale now ensures that Clugston Distribution Services will continue to trade as a “standalone entity”, preserving value in the supply chain and securing the jobs of 153 employees.
James Clark, joint administrator of Clugston Group Limited, said: “This sale represents a positive outcome for Clugston Distribution, its stakeholders, and for the local area.
“A solvent sale ensures ongoing trade for the business, its supply chain, and, furthermore, helps secure jobs for the incumbent workforce.”
He added: “The deal is testament to the considerable efforts of the senior management team at Clugston Distribution and my colleagues who have worked tirelessly to secure the future of the business.
“Of course, there is still much more work to do. We continue to explore all options as we look for buyers for the contracts and divisions in administration.”
