More than 330 jobs have been saved after the administrator at Nottinghamshire-based Promotional Logistics sold three of its sites in a management buy-out.

Newly created business, Prolog Fulfilment, led by former Promotional Logistics management team Neil Daniells and Nick Hoare, acquired two sites on the Sherwood business park in Annesley, north Nottinghamshire and one in Sudbury, Essex.

According to administrator Mazars, under the sale agreement Prolog Fulfilment will also operate the three remaining sites in Sherwood Park on its behalf while buyers are sought.

The management team released a statement that said: “We are really excited by the opportunities ahead to build a company renowned for flexibility, with a can-do attitude for providing solutions that support our clients’ growth in this difficult market place, whilst being an employer of choice for our local workforce.”

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Promotional Logistics, which traded as Prolog and provided warehousing, distribution and logistics services, entered administration in November 2018 and was immediately put up for sale, although it continued to trade at full capacity.

It held a licence for 16 HGVs and eight trailers out of a depot in Annesley.

At the time, the administrator said it was in discussions with more than 70 interested parties to try and agree a sale of the firm.

Rebecca Dacre, Mazars joint administrator, said: “I’d like to thank all of Prolog’s employees for their huge dedication despite challenges and uncertainty, as well as the support of the company’s customers who have remained loyal throughout this process.

“We are working hard to secure the future of the business and to protect as many jobs as possible in the coming weeks.”