ABOUT 60 jobs have been saved in the region after an offshore wind farm company announced it had been sold to its management team.
Mayflower Energy, in Middlesbrough, a subsidiary of the Mayflower Corporation, will keep all of its 60 staff in the region.
The company specialises in renewable energy and had planned to build offshore wind farms using a specialised ship which docked in Teesport last month.
The Mayflower Corporation went into administration a week later, putting the Teesside workers' jobs in jeapordy.
The buyout, funded by Mizuho International, comes two weeks after nearly 300 workers at another subsidiary, TransBus International, were made redundant.
Mayflower administrator Nick Dargan said: ''We received significant interest in the business, but after reviewing all the offers, concluded that the management buyout was the most viable option.''
He said the move ensured jobs would be protected.
Mayflower and a number of its subsidiaries were placed into administration at the end of last month after bosses failed to find a solution to the company's financial crisis.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article