Joint administrators Dominic Wong and David Langton, of Deloitte, announced the sale of Rock Computers, in Collins Road, to Stone Group Limited on Tuesday.

In a statement, they said: "We are delighted a sale of this award-winning laptop manufacturer has been secured, preserving employment for staff.

As well as ensuring continued availability, Stone Group has committed to ensuring existing customers receive ongoing warranty, repair and support.

Rock was delighted at the "opportunity to build from a much stronger financial base", said former chief executive Nick Boardman.

The Stone Group is based in Staffordshire, employs 200 people and was recently subject to a £28 million management buy-out.

Rock, which employs 25 people and has a turnover of about £5 million, went into administration two weeks ago in the aftermath of a £220,000 fraud by an ex-employee.

Long Itchington gambling addict Paul Bicknell, 24, of Stockton Road, is currently serving a three-year sentence after admitting nine charges of theft and one of burgling the Rock premises.

In March a court heard how "fantasist" Bicknell had been taken on by the firm when he was just 16 and had become head of sales.

In 2005 he became the main contact for CFA Trading who found him "helpful and willing to assist" with their purchases.

The company paid by credit card - but became concerned in 2006 when they saw payments were going through the accounts of forecourt garages rather than into Rock's.

At the same time Bicknell was driving Aston Martins and Porsches and living an extravagant lifestyle in what was described as "a fantasy world".

Unknown to anyone, he was also gambling late into the night online - and beginning to chase losses.

He explained his expensive trappings by saying he was adopted and that his real mother, who he claimed lived in the US and was an heiress, was sending him money. But after being confronted in July last year, he resigned from Rock Computers.

The next month he let himself in to the warehouse and stole computers worth £11,497, which he sold.

The total loss to Rock was £220,000 - but when the courts tried to return some of the cash only a nominal payment of £1 could be made, because Bicknell was penniless.