Interior fit-out specialist the Pel Group, which had been installing seats in the new Wembley stadium, has been bought out of administration after cash flow problems triggered its collapse.
Construction group Norwest Holst has bought most of the Birmingham Business Park-based company after it was in administration for a matter of hours.
It is still to be determined how much the creditors will receive following the prepacked administration, which left all but the Pel Stadium Seating division in the hands of Norwest Holst.
All 97 staff will be retained following the deal, although the fate of the three people who worked in the stadium arm has yet to be decided while a buyer is sought.
Adrian Wolstenholme and Bob Maxwell, partners at Kroll's Corporate Advisory and Restructuring Group, were appointed joint administrators to holding company Pel Limited and its operating subsidiaries, Pel Project Management and Pel Building Services, as well as Pel Investment and its subsidiary Pel Stadium Seating.
Immediately following the appointment on Thursday, the business and majority of the assets of Pel, Pel Project Management, Pel Investments and Pel Building Services were sold to Norwest Holst, part of French construction giant Vinci.
Details of the price paid by Norwest Holst have not been revealed, although it has emerged that Pel chief executive Nigel McGinnity, son of former Coventry City chairman Mike McGinnity, will be retained as managing director of the new business which will trade as Pel Interiors.
The latest figures available for the Pel Group showed a turnover of #78 million in 2005 but it had been suffering cash flow problems for months.
Kroll said the sale was done swiftly in order to ensure continuity of the businesses, particularly on a number of key contracts being undertaken.
As well as securing jobs, it had protected a number of ongoing key contracts for both customers and suppliers.
Following the sale to Nor-west Holst, the administrators will now focus on reviewing the options for the remaining business, Pel Stadium Seating, which had been carrying out work on the new Wembley.
Mr Wolstenholme said: "The Pel Group is a market leader in the area of fit-out project management. We are very pleased that the quick sale of the main businesses within the group has secured 97 jobs as well as safeguarded the businesses' futures.
"The employees have valuable skills and knowledge of the sector which will be transferring across to Norwest Holst.
"Particularly in the construction sector, businesses can often devalue very quickly and in the circumstances, a rapid sale to a well-known industry player was considered the best option.
"We are currently reviewing the options for the remaining business, Pel Stadium Seating Limited and are looking to discuss the position for this business with customers and suppliers over the next few days."
Projects carried out by Pel include the #350,000 fit-out project for Dorothy Perkins in High Street, Birmingham and a #2.3 million deal to turn the old Alvis building in Coventry into a distribution centre for Sainsbury's.
Other clients include Marks & Spencer, House of Fraser and BAA while the company has recently completed the fit-out of 260 executive boxes at Ascot Racecourse.
John Stanion, chairman and chief executive of Vinci, said: "The acquisition forms part of Vinci's drive to deliver on our strategy of expansion in the UK building market by strengthening and diversifying our activities and client portfolio."