Dairystix, the brand of single-portion milk packs, has been rescued by two venture capital-backed companies.

The company’s plant, production machinery and intellectual property have been sold to Plympack, a subsidiary of Oxfordshire-based Brightborough Capital, which specialises in manufacturing turnarounds.

Milk processing assets located at a site in Plympton, meanwhile, have been bought by Guiston, which is also associated with Brightborough. Guiston plans to continue producing UHT and aseptic milk from the Plympton site.

The deal comes after Dairystix’s previous owners, Quadra Foods, fell into administration in February. Production of Dairystix ceased at the end of March, after Quadra had initially kept manufacturing going while hunting for a buyer.

Administrators at Grant Thornton, which announced the deal, said financial details of the transaction would not be disclosed. The new owners are expected to make an announcement about when they plan to resume production of Dairystix – and their plans for the brand – in the months ahead.