The Hollywell-based Greenfield Group, which is involved in a number of industrial sectors, has been bought out of administration, saving the jobs of more than 100 people.

The Greenfield Group and certain of its subsidiaries, including KnitMesh, went into administration on 12 May, with Patrick Lannagan and Rob Adamson of the Mazars group appointed joint administrators.

Immediately following the appointment of administrators, the company and certain assets were sold to the existing share-holder as a going concern.

KnitMesh Technologies managing director Lew Bingham said: “Primarily as a result of legacy liability issues, unrelated to the core KnitMesh operation, our business has recently been re-structured. Following specialist advice from Mazars, this process was completed on 12 May, and the trade and certain assets were bought by the existing share-holder.

The core KnitMesh operation, trading as KnitMesh Technologies, remains fundamentally unchanged — operating from the same factory location and with all employees transferring to the new business.

Mr Bingham said: “We see this as being a very positive move for all stake-holders, including customers, employees and, of course, our loyal suppliers who will, in the future, benefit from a much stronger business.”

KnitMesh designs, develops and manufactures knitted-mesh products for numerous industrial applications. It works with customers across a range of sectors, including the automotive, electronics, aerospace, military, commercial, telecommunications and medical industries.