Collapsed architectural practice Archial has been sold to multi-disciplinary Canadian firm Ingenium.
The 400-strong Archial, which was led by chief executive Chris Littlemore and went into administration last week over unpaid taxes, will now become part of a new firm, Ingenium Archial Ltd.
Administrators from Price Waterhouse Coopers (PwC) would not comment on how much Ingenium had paid for Archial, its Asian arm Alsop Sparch and other “assets”, all of which have been trading as normal since going into administration, according to PwC.
The privately owned Ingenium Group employs 800 people working across disciplines including architecture, engineering, project management and interior design, with offices in Canada, the United States, Asia and the Middle East.
David Chubb, joint administrator and partner at PwC said: “We are delighted to be able to secure this sale and provide business continuity for customers, suppliers and employees alike in these uncertain times.
“Trading a professional services business in administration is extremely difficult and this success has only been possible as a result of the support of all these stakeholders. I would like to thank them for their assistance throughout this difficult period.”
Shares in Archial Group PLC were suspended from the Alternative Investment Market on September 17. Following the insolvency of its companies, there will not be any value realised for the holders of the suspended shares, PwC said.