The Scottish boiler firm's parent company said it would no longer support BIB Cochran’s working capital requirements.
Keith Anderson and Mark Ranson at Baker Tilly Restructuring & Recovery were appointed joint administrators and immediately sold the business to a newly-formed company called Cochran.
Cochran will be headed by Mr Dong Ping and backed by Hong Kong-based boiler manufacturer, SHBV.
Mr Ping, currently chief executive officer at SHBV, said: “The acquisition of this world famous boiler brand and technology is a key milestone for us. We plan to grow the brand and invest in new technologies whilst maintaining the manufacturing expertise in Scotland.”
Based in Annan in Dumfries, BIB Cochran was established in 1878 and specialises in producing a range of large hot water, steam and biomass boilers used in hospitals, distilleries, shopping centres and sports stadiums.
Mr Anderson said: “BIB Cochran is one of the biggest employers in Annan and it has been our number one priority to save as many jobs as possible. Cochran Ltd has acquired the business and its assets following our appointment with 170 employees being transferred to it.”