FIVE jobs have been saved at a North-East IT company after it was bought out of administration by a regional rival.

Newcastle-based Technology Services Group Limited (TSG) has bolstered its technical offering by acquiring the trade and assets of Aegis IT Limited, based in Team Valley, Gateshead.

All Aegis staff have joined TSG as part of the deal, which was completed by Begbies Traynor with Quantum Corporate Finance acting as lead adviser.

David Stonehouse, chief executive of TSG, which employs about 400 people UK-wide, said: “Given the quality of both the customer base and the team, there was a high level of interest in acquiring Aegis. Both the team and the customers fit perfectly with delivering our strategy to increase penetration in the mid-market, most importantly sharing our consultative approach and a deep understanding of technology.

“I’m also delighted that the staff are so enthusiastic about the opportunities for development and career progression that we can offer at TSG.”

Joint administrator Andrew Haslam, of Begbies Traynor in Newcastle, said: “It’s great news that following a successful sale process, we were able to secure a deal that not only rescued the business but gave continuity to the Aegis staff who are to be integrated into the TSG team.”

The deal marks the return of Quantum to the North East market. Quantum is led by Chris Appleby and David Bell, who were joined by Abu Ali last month.

Mr Ali, who led on the TSG deal, said: “Aegis has a great technical pedigree, an impressive team of experts and an enviable list of clients. TSG has acquired a significant collection of assets in this deal which will no doubt help the business deliver its ambitious growth plans.”