The deal saves around 160 staff who will be transfered to Gentoo’s property arm.

Peter Walls, Gentoo chief executive, said: “We believe the low carbon market will continue to be a strategic area of growth and this puts us in a unique position to take full advantage of opportunities in our sector.

“Solar energy is a huge agenda with global governmental targets and it is great to be playing a part in it whilst doing our bit for the planet in the process.”

County Durham Romag Holdings, which supplies glass and plastic to security, renewable energy, architectural and specialist transport markets, ran into trouble last February.

Share dealing in Romag was suspended at the time after an investigation into a £4m payment ex-chairman John Kennair made to one of its divisions without informing the board.

The firms also ran into cashflow problems and was unable to secure further funding from its bank.

Dan Butters, a reorganisation partner at Romag’s administrator Deloitte, said: “We have successfully completed the sale of the goodwill and assets of Romag Holdings plc and its subsidiaries that will protect the 161 jobs that were at risk.”