Joint administrators KPMG have sold packaging supplier Discovery Foils Ltd, which became insolvent last month, to a Slovakian business in the same sector in a deal which will save some jobs at the company.

The buyer is Moneta Packaging Ltd, which was looking to acquire a UK operation. It plans to restart trading at Discovery Foils' Shropshire site, which supplies packaging to the confectionery, dairy and foil food containers industries.

The deal preserves 14 jobs at the business and offers the prospect of re-employment of some of the 69 staff who were made redundant after the company entered administration in mid July.

Alena Spinerova, CFO of Moneta group, said: 'This acquisition expands our reach into new market applications for the pharmaceutical and dairy sectors that require lacquered heavy gauge aluminium packaging. A new subsidiary in the UK market will allow us to bring our packaging solutions to more customers, improving their packaging quality and cost efficiency.'

The acquisition is effective immediately and financial terms of the transaction are not being disclosed.

Will Wright, joint administrator and partner at KPMG restructuring, said: 'We are delighted to have secured a sale of the business and assets which sees a continuation of the business and is expected to result in the re-employment of a number of former staff, an outcome far better than would otherwise have been the case.'