A Glenrothes electronics firm that was facing oblivion appears to have a brighter future after finding a buyer.
Twenty-four jobs were lost after Advanced Testing and Control (ATC) Systems Limited went into voluntary administration last month, with the remaining 35 employees told they were also likely to be sacked should a buyer fail to come forward.
However, Infoteam International Services Limited has since stepped into the breach to ensure the company’s continued presence in the town.
HM Revenue and Customs was heavily criticised by local politicians last month for denying the firm more time to pay off thousands of pounds of debt despite ATC’s assertion that sufficient business was available to sustain it.
The new company is known as Infoteam EMS.
The sum paid by Infoteam to take over ATC has not been disclosed.
A spokesman for administrators Zolfo Cooper, called in to wind the business up in April, revealed the company has been saved.
He said, “I can confirm that Zolfo Cooper negotiated the successful sale of Advanced Testing and Control Systems Limited as a going concern to Infoteam.”
ATC Systems, which moved to new premises in Southfield Industrial Estate three years ago, was founded in 1984 by Don Anderson to manufacture specialist test equipment for the electronics industry.
According to court papers lodged earlier this year, ATC had owed HMRC just over £320,000 after it managed to repay £35,400 of a previously outstanding debt.
However, before a determination on the petition could be made, ATC was forced into voluntary administration after having its request for more time to pay rejected.