Blair Nimmo and Neil Armour from KPMG were appointed joint receivers to the Lerwick-based business on 24 January 2003.
Yesterday, they secured the sale of the business to a consortium led by Allan Gould, the group’s former general manager.
In the process 65 jobs have been saved.
Blair Nimmo said he, along with Armour, were delighted to announce this sale.
‘We wish the new management well for the future, and we’d like to take this opportunity to thank all the employees, customers and suppliers for supporting the business during the past five months of the receivership,’ he added.
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