The owners of Alias Smith & Singh Ltd, trading as Alias Hire, have bought back the assets of the firm in a pre-pack liquidation deal.
The agreement, which was negotiated through insolvency firm Turpin Barker Armstrong, includes ongoing hire contracts, vehicles and stock, plus goodwill and intellectual property, and allows a new company, Alias Hire (London), to trade as Alias Hire.
Eight staff will be transferred across via TUPE, with one redundancy expected.
Alias Hire (London), aided by asset finance firm Medialease, has also agreed to take on outstanding equipment leasing contracts.
Alias Smith & Singh Ltd was put up for sale in August following a quiet trading period.
Broadcast understands that three parties expressed an interest in buying the assets.
David Brady, chief executive of the DIA Media Group, which includes Alias Hire, told Broadcast that staff would take a more “hands on” approach and pledged to pay outstanding trade creditors.