Midlands manufacturer BI Composites has been bought out of administration by competitor Linecross Ltd.

Joint-administrators Brian Hamblin, Craig Povey and Kevin Murphy from Chantrey Vellacott DFK had been running the business since November while they managed the sale.

Hamblin said the sale had secured 120 jobs at the manufacturer of moulded components.

Linecross specialises in producing engineered components and the £23m turnover company employs 180 people.

Managing director Stuart Fry said the business has grown steadily since a management buyout in 2003 and the acquisition of BI Composites, which has been renamed Linecross Composites, fits in well with the firm's long-term expansion plans.

'We are delighted to have completed the deal to buy BI Composites and with it safeguard the future of a significant number of jobs,' said Fry.

Linecross and BI Composites have an impressive roster of clients including Bentley and JCB.

Brian Hamblin, partner at Chantrey Vellacott DFK's Birmingham offices, said: 'Once a deal had been accepted there was a commitment by both parties to complete the deal quickly. The legal work was completed within an impressive 36 hours.'