A Kidlington firm which trains young people for the building trade has been saved after going into administration.

The Oxfordshire Co-operative Development Agency hit financial trouble in September.

Now administrators Anthony Harris and Sue Roscoe of Critchleys Chartered Accountants have sold the company to Oxfordshire-based Swan Lake Consulting, safeguarding the courses of 300 trainees.

Mr Harris said: "The transaction was long and drawn out with the added complications of disposing of a not for profit organisation, but we are delighted with the outcome as this will enable the continuation of training young adults in this key sector."

The firm has been renamed Ace Training and has relaunched its recruitment of new students.

Five jobs were lost as a result of the administration but bosses are now confident the future looks bright for the organisation based on the Station Field industrial estate.

Operations director Vanessa Cover said: "We will continue as we were. All the learners have been given extra time to complete their training."

Other than OCDA, there is now only one college, Oxford and Cherwell, offering such training. Abingdon and Witney stopped offering it earlier this year.

Part of Ace Training's intake is drawn from four schools, Gosford Hill at Kidlington, Burford community College, Bicester Community College and Marlborough School at Woodstock.

The company now employs seven staff, although Ms Cover said more teachers would be recruited in the long-term.

Demand for new homes is exceeding supply but the National House Building Council has said that that trend cannot be reversed unless more youngsters are trained.

Last year 170,000 new UK homes were built, against a Government target of 250,000. In Oxfordshire there was a drop in new house starts last year.

Oxfordshire starts in the first two quarters of 2006 totalled 1,085, down from 1,134 last year.