IT haulage firm Romac Technical Services has been bought out of administration by one of its rivals, safeguarding 120 jobs at the firm.
Milton Keynes-based Romac was placed into administration on 29 September, with insolvency practitioner Baker Tilly Restructuring and Recovery LLP called in to oversee proceedings.
The firm has since been snapped up by Lupprians Computer Express, a Middlesex-based haulage firm that offers a similar range of datacentre transportation and server installation services.
According to Romac's most recent financial results, the firm – which works with vendors including Fujitsu – made a loss of £791,592 in the 12 months to 31 May 2010.
In the accompanying Companies House report, the firm said it had been hit hard by the economic downturn. "The recession affected Romac in a number of ways, particularly through reductions and delays in project activity," the document states.
"Indeed, one particular project that was due to have a large impact on Q4 of our financial year has only just started."
In a statement seen by ChannelWeb, Romac administrator Graham Bushby said selling it off has secured 120 jobs at the firm.
"The outcome should be excellent news to the local community," said Bushby. "The company [Romac] has an excellent reputation and we are delighted that the transaction provides the opportunity for it to continue to trade and build upon that reputation for years to come."
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