Around 235 jobs have been saved at Mark Group after administrators from Deloitte engineered a management buyout for its loft and cavity wall insulation business.
The division has been bought by BillsaveUK, a company operated by former members of Mark Group’s senior management team.
The new company will be led by chief executive Steve Crow, who was previously Mark Group chief operating officer.
The group, which had invested heavily in solar installation in a bid to turn around its fortunes, went into administration last week, putting more than 1,100 jobs at risk.
A second solar firm – Climate Energy – also went into administration on the same day, with 138 staff laid off.
Both companies cited recent government proposals to cut subsidies for renewable energy solutions – known as feed-in tariffs – by up to 87 per cent as a crucial factor behind them entering administration.
Industry experts have warned that more firms could go under as a result of a series of government u-turns on green policies, with up to 20,000 jobs at risk.
Sustainable Homes managing director Andrew Eagles told Construction News that the situation was “a perfect storm”, adding: “You’ve got massive companies and tens of thousands of jobs not knowing what will happen.”
Commenting on the management buyout, joint administrator Chris Farrington said: “We are pleased to have some good news regarding a sale of the business.
“The existing management are well placed to take this business forward and navigate the challenging market conditions.
“We are continuing to work with those who were made redundant to find new work, and we will be participating in a jobs fair on 15 October.”
Mr Crow added: “We are delighted to be taking forward a part of the business and to have safeguarded a significant number of jobs.
“We recognise the critical importance of retaining and motivating our staff, and the management buyout includes an ownership structure that will allow Billsave’s employees to hold a financial share of the new company.
“We have ambitious plans to grow the company over the next 12 months and re-establish the reputation for quality, innovation and customer service that were hallmarks of the Mark Group.”