Published: 11/08/2005, Volume II5, No. 5967 Page 8

The management buy-out of NHS in-house property consultancy Inventures has saved 40 jobs, created 50 new posts and will allow the organisation to continue supporting a number of NHS and other public sector projects.

Last week's buy-out, thought to have cost around£5m, came about after the Department of Health's decision last year not to proceed with the sale of the consultancy business and 100 surplus NHS properties and sites to property company Miller Ventures and the Bank of Scotland.

The decision put 204 Inventures jobs at risk and threatened to delay or create other problems for NHS projects on which the company was already working. Over 100 NHS Inventures staff opted for voluntary redundancy packages.

But chief executive David Lawrence says the buy-out has enabled the company to retain the entire management team. He said the move was in part influenced by encouragement from clients.

'I am absolutely delighted that we have struck the deal with the DoH that will allow us to continue to support our clients and create more new jobs.' Inventures has worked on projects including new buildings at University College London Hospital, University Hospital Birmingham, Royal United Hospital Bath and Plymouth Hospitals trust.

Mendip primary care trust chief executive Robin Smith said: 'Inventures is currently delivering an important project for us and I am very relieved they will be able to complete the commission because it is critical to the successful delivery of healthcare in our community.'