Westhill cleaning firm Contract Solutions Grampian (CSG) has been acquired by Atlas FM - saving 241 jobs - in a deal worth close to £1million.
The agreement, the Press and Journal reports, will see all of CSG's 230 cleaning staff, as well as 11 office-based staff, transfer to the Berkshire-based services company.
It comes after CSG discovered late last year that it did not have enough funds to fulfil its £222,000 payroll following a difficult few years since the Covid pandemic hit.
Administrator FRP assessed that a pre-pack deal - which allows the sale of a business as a going concern with immediate effect on entering administration - was the only viable solution.
As a result of the deal, some creditors which were owed money by CSG will now lose out, but no jobs will be lost.
A report from the administrators stated: “It was considered that a going concern sale of the business would enhance value in the company’s assets and provide a better return to creditors, while preserving the employment of 250 staff.”
Read the full story on the P&J website.