A Black Country recruitment agency has been saved after being acquired out of administration by a Birmingham-based rival.
Nova Recruitment, which employs 12 people at offices in Dudley and Birmingham city centre, has been bought in an undisclosed deal by Capital Outsourcing.
Administrators said Nova Recruitment had been a successful company but in recent months faced unsustainable pressure on its working capital.
Steven Stokes and Raj Mittal, partners with financial services firm FRP Advisory, were appointed administrators of Nova Recruitment last week before securing the sale.
A statement from FRP Advisory said Nova Recruitment had expanded its range of services across a number of sectors as part of its steady growth since being formed in 1980, adding that it forged a reputation in the industrial, retail and catering sectors alongside serving a number of large companies in the Birmingham area.
"While revenues rose to around £4.4 million in 2016 and the business continued to enjoy long-standing relationships with a number of customers, the company more recently faced unsustainable pressure on its working capital," the statement said.
"The company explored a number of options in order to find a more sustainable financial structure, however, ultimately was left with no feasible alternative to ensure ongoing trading, other than to seek a sale of its businesses and assets via administration."
All 12 staff have transferred over to Capital Outsourcing.
Mr Stokes added: "We are very pleased for the former owner and the company's loyal staff that the business can continue under new ownership, helping it to deliver the same quality of service to its array of long-established customers built up from nearly 40 years of trading.
"Capital Outsourcing appears to have the same customer orientated ethos that allowed the company to build a strong reputation serving a number of well-known large and medium-sized businesses across the Midlands.
"We wish all concerned the very best under the new ownership structure."
Law firm Squire Patton Boggs advised FRP Advisory on the sale.