Tiverton-based Stenner Ltd, has been bought out of administration by a consortium led by previous director Syd Mather.
Administrator Ian Walker, Partner of business recovery and insolvency specialists Begbies Traynor, announced the completion of the sale today.
The consortium, which also includes previous directors Fred Harding and Doug Richardson, will trade the business under the name of Stenner Ltd, and will initially be based on the spares and service division of Stenner, which continues to generate a consistent turnover and which the new owners intend to develop further.
Production of machines is effectively being mothballed until orders can be generated.
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