The deal came just days after administrators at Deloitte closed the Antrim factory and made a further 144 workers redundant after failing to find a buyer for the business.

Newry-based MJM, which like Mivan specialises in fitting out cruise ships and large building fit-outs, has bought the Mivan factory, machinery, equipment and the Mivan name.

MJM plans to re-employ about 40-50 workers at Mivan. “MJM have built up a strong reputation as a global player in the industry and there are obvious synergies between our two operations,” said MJM’s managing director Brian McConville.

“There are exciting opportunities ahead to re-establish the Mivan brand in existing and new international markets.”

“We had initially hoped to achieve a sale of the business as a going concern, but this sale of the assets will provide an opportunity to continue the Mivan name and hopefully the Antrim facility,” said administrator Peter Allen of Deloitte.

“The assets have been sold as a package to a strong player in the industry – and potentially this will provide a platform for new jobs to be created.”

MJM has has a 100,000ft2 manufacturing facility.