Around 500 jobs have been saved after a private ambulance and medical training company was bought out of administration.
Tamworth-based Elite Emergency Medical Services has been sold in a pre-pack deal by administrators at Begbies Traynor.
The deal comes a year after Elite Emergency Medical Services itself acquired a rival, Slough-based Polaris Medical Services, out of administration, with all 140 employees transferring over as part of the sale.
Elite Emergency Medical Services provides patient transport services, medical cover at events and training services to the healthcare industry, NHS Trusts, private companies and individuals.
Last week, Dominik Czerwinke and Amie Johnson from Begbies Traynor, were appointed as joint administrators to conduct the pre-packaged administration.
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Begbies Traynor said that Elite Emergency Medical Services had won a number of fixed-term contracts for the NHS over the last two years.
Under these agreements, the services provided must remain unchanged, despite geopolitical instability and a difficult economic backdrop leading to the substantial increase in costs for medical supplies, vehicle maintenance, fuel and staff.
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Begbies Traynor added that the buyout of Polaris Medical Services in April 2023 resulted in Elite Emergency Medical Services accruing significant losses related to the integration of the business and the costs of transferring staff over. As a result, the directors concluded the business was no longer viable.
The sale of the company to an unnamed buyer will save 490 jobs and ensure ambulance services across the South East of England are maintained and vital urgent medical care continues to be accessible.
Mr Czerwinke said: "We are delighted to have secured a swift and favourable outcome for the staff of the company.
"Moreover, our actions have safeguarded the continuity of vital medical care and ambulance services throughout the South East which is crucial to preventing loss of life and avoiding delays in treatment and care within the local communities.
"Any potential alternative outcome would have led to mass redundancies and disruption to frontline medical services that are heavily relied upon by both members of the general public and contracted NHS trusts.
"This was a situation where a pre-packaged sale of the business and assets was a vital tool in the box as no other procedure allowed for this outcome in the time available.
"The continued liaison and support from both Bibby Financial Services and the company's bank, together with expert legal advice from Pinsent Masons, all led to a successful outcome."