Just hours before the company risked entering liquidation, Tasmania-based meat processor Blue Ribbon has secured a buyer; Melbourne-based McKenzie Group Consulting Property Services.

Administrator Andrew Beck, of Deloitte Touche Tohmatsu, revealed that the deal will mean that secured creditors will receive A$0.8 (US$0.4) and unsecured creditors A$0.50 in the dollar. In two years’ time, an additional A$0.10 “loyalty” payment will be available for suppliers still supporting the business.

The deal was secured through BRG Capital Facilitation.