A group of building industry players, including the daughter of former developer Liam Maye, has bought the Basta locks and ironmongery brand out of examinership.
Basta, which went into examinership in July, employed 48 people. It was based in Sligo where it was founded more than 60 years ago.
Desand, an Irish company, has acquired the brand, its goodwill and the company's stock but is not acquiring the business, or its staff. It said it would continue to trade as Basta "as this continues to be one of the strongest brands in the sector for over 60 years".
"We believe that this company can become the leading supplier of locks and accessories to the construction and hardware sectors again," said David Farrell, who will take over as managing director of the business.
Desand says it will invest up to €1 million developing products and services for the Irish and British markets. It said that 12 jobs would be created in sales, marketing and administration over the coming weeks.
Mr Farrell said the new owners would be meeting customers to establish “how we can provide improved service and better value. This will enable us to refine our strategic investment plan for 2019,” he added.
Desand is owned by Emma Maye and her husband, Alan Hegarty. The couple are also directors of Irish-based development and investment group Ardale Property and a number of other property companies and builders providers retail outlets.
Ardale was part of a consortium that purchased Westlink industrial estate in Ballyfermot, Dublin 10, from Irish Life for more than €7.5 million in 2016. Westlink was sold last week to Pan-European investor and asset manager M7 Real Estate for €13,870,000.
Ardale has also acted as asset manager on behalf of investors in Dundrum Town Centre and The Park retail centre in Carrickmines. It has also worked with high profile developments in the UK and Europe.
Desand declined to provide details of the price paid for the business.