Bristol-based business relocation specialist Reloc8 has been taken over just two days after going into administration in a deal that has saved the jobs of all 28 staff.
Administrators BDO LLP sold the cash-strapped business to R8 Workspace for an undisclosed sum.
R8 will initially continue to run the business from its head office at Aztec West.
Reloc8, formed around 15 years ago, offered a range of high-quality service including space planning, consultancy, relocation and corporate interiors mostly to multi-million pound blue-chip businesses.
It operated in a region stretching from Berkshire along the M4 to Bristol and into the South West.
However, with fewer businesses expanding or moving due to cost pressures, it struggled against declining turnover.
Graham Randall and Simon Girling, partners in the business restructuring team at BDO, were appointed administrators on Tuesday to seek a buyer.
Mr Randall said: “A period of declining sales as customers’ relocation plans were delayed led to cashflow problems and the requirement for protection from creditors.”
R8 managing director Tim Cooper said the business had developed strong relationships with a number of clients, many of them in the FTSE 350 or of equivalent size.
“With a stronger balance sheet and better financial structure we are now well placed to build on these relationships and expand the business,” he said.
