Plastics manufacturer Reflex Mouldings has been sold out of administration to Lisburn’s FHS Group for an undisclosed sum, saving around 70 jobs.
Administrators PricewaterhouseCoopers have traded the business, which currently employs around 70 staff, since being appointment in June when the company ran into financial problems.
The FHS acquisition will offer employment opportunities for all existing employees, PwC said.
Partner Paul Rooney from PwC said: “The company had experienced trading and financial difficulties, which contributed to directors’ decision to call in administrators.
“However, despite previous trading problems, there was still a core business and we were determined to trade the company while seeking a commercial buyer.
“Today is the successful outcome of that process, but this could not have been achieved without the continued support of the bank, the workforce, supply-chain, customers and local elected representatives.”
Lisburn-based FHS Group operates a number of companies trading under the Unicorn brand, specialising in waste management, healthcare waste and recycling solutions.
Based in Markethill, Co Armagh, Reflex Mouldings makes floor tiles for industrial, commercial and domestic flooring use, sold under the FlexiTile brand.
SDLP Newry and Armagh MLA Dominic Bradley welcomed the saving of the company.
He said: “The lesson to be learned here is that if companies which get into trading difficulties due to the recession can get a breathing space, solutions can be found which protect jobs.”