The Claymark Group of companies has been sold giving hope to 450 employees after the company went into receivership in December.

The business has been purchased by a consortium led by Paul Pedersen with settlement set to occur on September 30.

Claymark employs 450 staff across its sites, located in Thames, Katikati and Rotorua, and utilises contractors and services from across the Bay of Plenty region.

An unconditional agreement for the sale of the companies' business and assets as a going concern has been signed yesterday, the Receivers Brendon Gibson, Grant Graham and Neale Jackson of Calibre Partners announced.

Brendon says they are working through transition with the purchaser now, with settlement targeted to occur on 30 September.

'This is an excellent outcome for the business, staff, customers, suppliers and the communities in which Claymark operates.

"Securing a going concern sale in the current environment is testament to the drive and commitment of Claymark's management team and all its employees."

Purchaser Paul Pedersen says, 'We are excited that the acquisition of the Claymark business has come to fruition.

'We acknowledge the input of the team that have worked tirelessly under difficult circumstances to continue to maintain quality products to markets around the globe."