ROHILL Bodies - the Andover company which went into administration earlier this year with the loss of 47 jobs - has been saved by a management buy-out.
The team headed by chairman Brian Robinson finally clinched the deal this week after intense negotiation, saving 30 jobs.
But, Mr Robinson, said the 47 people made redundant would not be getting their redundancy pay-outs because the West portway company now trading as Rohill (UK) Limited was a completely new business.
Although the company is not yet in a position to take on any more workers, he said there was no doubt the business would be hiring more staff in the future.
"It's taken a long time to put the bid together and to get the administrators to accept our bid with the bank," he added.
"At the end of the day we are back up and running but it has been a very, very traumatic time."
As well as Mr Robinson the buy-out team comprises managing director Paul Zander-Hicks and finance director Anne Stringer.
The new company will continue to specialise in coach building and low-line chassis vehicles.
Mr Zander-Hicks said: "We're delighted to be the successful bidder for this outstanding business.
"The team at Rohill have continued to give their all through difficult times.
"Now we can put the past behind us and look forward to building a future for Rohill together, which will restore the company to its former glory and see it forging ahead into important new markets."
The buy-out included all elements of Rohill and encompasses the Swedish subsidiary, which has been unaffected by the administration and continues to supply the European market.
The new company says that the after sales and parts service is now at full strength and is providing continuing support to new and historic customers.
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