Restructuring specialist FRP Advisory has sold waste management firm Overton Recycling Ltd out of administration to Environcom, the UK's largest electrical reuse and recycling specialist, saving all 48 jobs at the West Midlands firm.

Steve Stokes and Gerald Smith, partners at FRP Advisory, were appointed joint administrators of Overton Recycling at the end of 2013. The move followed a sharp deterioration in trading earlier in the year which had impacted cashflow and resulted in the company entering into a Company Voluntary Arrangement.

Since then the joint administrators had been trading Overton Recycling as a going-concern, under licence granted to Environcom, for the past two months while conducting active sales discussions. Having concluded that a combined sale of the business and assets to Environcom offered both the best return to creditors as well as resulting in securing the jobs of the workforce, the business will continue to trade as normal under new ownership from the same premises at Lye.

Steve Stokes, joint administrator and partner at FRP Advisory, said: 'We are delighted that thanks to the sale, the recycling business can continue servicing its loyal customer base under the ownership of Environcom and we wish the enlarged group every success for the future.'