South Luffenham, UK -- BI Composites has been bought out of administration by Linecross, a manufacturer of thermoformed and polyurethane components, for an undisclosed sum.
Joint-administrators Brian Hamblin, Craig Povey and Kevin Murphy from Chantrey Vellacott DFK had been running the business since November while they managed the sale.
Hamblin said the administrators were delighted to secure a sale within three weeks of their appointment and to be able to advise the 120 employees their jobs had been secured before the Christmas break.
Linecross managing director, Stuart Fry, said the business has grown steadily since a management buyout in 2003 and the acquisition of BI Composites, which has been renamed Linecross Composites, fits in well with the firm's long-term expansion plans.
"We are delighted to have completed the deal to buy BI Composites and with it safeguard the future of a significant number of jobs," he said. "Linecross and BI Composites are both innovative and creative companies which share very similar production processes and customer bases, such as working with the likes of Bentley and JCB.
"We're excited to be joining the two together."