Manchester off-site timber construction firm Panaloc has been bought from administrators for an undisclosed sum.
The trade, intellectual property rights and commercial assets of Panaloc, which uses Kronoply OSB4 panels laminated together to form prefabricated wall, roof and floor sections, was bought by a consortium which has renamed the business Panaloc Worldwide Manufacturing Ltd.
Panaloc, based at a 200,000ft² factory in Trafford Park, ran into financial problems earlier this year when its main backer withdrew support. One of its biggest jobs was a multi-million pound contract for the St Helens and Knowsley Hospital NHS Trust.
The new owners are based at Ruislip but intend to restart production at Trafford Park.
Panaloc holds the exclusive UK rights to import Kronoply OSB4 panels which, when laminated together to form construction panels, are called Magnum Board.
