Property management group Orbis, who this morning announced it had appointed administrators, has now been sold to Insite Service Management (ISM).
Orbis had announced that negotiations to sell the company had fallen through and it had been unable to restructure its struggling finances.
David Walker, newly appointed ISM chief executive, said the company would inject money and ‘renewed management energy and focus’ to grow the existing company.
Element of uncertainty removed
ISM has been provided with equity and loan capital from a consortium of five banks and fund managers.
'The acquisition by ISM is exceptionally good news for all existing customers, suppliers and staff,’ said John Jukes, Orbis finance director. ‘An element of uncertainty as to the future of the business has been removed and the Orbis business now has a firm financial platform to allow operations to move ahead quickly'.