The Langholm textile firm Reid and Taylor Ltd has been bought for an undisclosed sum.
But according to administrators it has been sold as an assets only sale and not as a going concern.
Administrators O' Hara & Co Ltd confirmed today that the sale went ahead yesterday to a consortium of three companies one of them is based in Bradford.
It's understood that one of them is SIL Holdings Ltd which already has interests in Langholm.
Chris Brooksbank from O' Haras Ltd said there had been no offers to buy the firm as a going concern.
He added that the company, which went into administration on April 19th with the loss of 35 jobs, had very little working capital and only a few orders remaining on its books.
It's very sad that the company wasn't able to continue as a going concern and the sale's had to go through as an assets only sale.
There were no offers to take it on as a going concern and no money to continue the business.
I appreciate that this will be disappointing to many former workers and will have a large impact on the community of Langholm.
More top news
Report warns of challenges ahead as Scotland faces public spending restraint for years to come.
Scottish Borders Council want reimbursed for repairs made following damage caused by the construction of the Borders Railway.
It was announced on Monday 4 September that 76% of members voted to take industrial action.