Thousands of jobs at struggling property giant DTZ - which has a significant operation at One Colmore Square in Birmingham - have been saved in a deal with Australian company UGL Limited.
The debt-laden property firm, which had seen a previous sale fall through because of the banking crisis in the eurozone, was immediately acquired by United Group Europe Limited, a subsidiary of UGL Limited, for £77.5m plus an adjustment for cash after Ernst & Young were appinted as administrators.
DTZ’s shares were immediately suspended and the company was delisted.
As a result of the deal, the business will continue to operate as a going concern, safeguarding around 4,700 jobs worldwide.
Alan Hudson, joint administrator, said: “DTZ has experienced tough trading conditions as a result of the downturn in the global property market and this has unfortunately resulted in the parent company being unable to continue outside of administration.
“However a deal has been completed that sees all the underlying subsidiaries being sold and the business continuing to trade without interruption, helping to safeguard this internationally renowned real estate services firm.”