Regional contractor Botes Construction has been handed over to administrator Kroll, and the Botes Maintenance division has been bought by shareholder Epic Reconstruction.
According to a spokesperson from Epic, Botes Construction went into administration after problems on some construction contracts. The last financial results available show the two businesses made a combined loss of about £1.6m on an £84m turnover.
It is not certain that Epic will retain Botes Maintenance because under the Insolvency Act other interested parties are allowed eight days to bid after a quick acquisition. The deadline is for other bids is 3 July.
Kroll this week said at least 10 other parties had expressed interest in Botes Maintenance.
"At the moment we are speaking with the parties to find out whether any have serious offers," said a spokesperson for Kroll.
In response to reports that staff were accusing Epic of asset stripping the spokesperson said: "We absolutely don't believe that this is an asset stripping exercise and Kroll can confirm that the company was independently valued."
Epic said it bought the maintenance arm of Botes because it was in good shape and said the acquisition saved 200 jobs.
A spokesperson for Epic said: "As far as I am concerned there was no form of asset stripping whatsoever. Botes Construction was found to have certain problematic contracts and was placed in administration in very bad shape. Botes Maintenance was seen to be doing fine which is why it was bought back."