But the company is not entirely out of the woods yet.
After negotiations with administrative receivers at Begbies Traynor, STA – a wholly owned subsidiary of Zurich-based Diethelm Keller Holding – said it had only bought some of the assets of Usit Campus.
These assets include some IT software, web content, and other equipment from the beleaguered company. The deal also includes an agreement from the receivers to facilitate discussions with certain Usit Campus landlords.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children