Two property firms have acquired the former Findus factory in Longbenton, North Tyneside, after Findus producer and distributor Newcastle Productions went into administration earlier this year.

Smart Properties and Factory Leasing, both based in Guernsey, acquired the site and its assets last month, said administrator Zolfo Cooper Europe.

On confirming the sale of the site, joint administrators Simon Wilson, Nicholas Cropper, and Stuart Mackellar at Zolfo Cooper Europe said: "The sale represents the best possible outcome for creditors and was achieved despite a significant fire at the factory prior to our appointment, and difficult market conditions."

As a result of a fire prior to the administrators' appointment early in 2009, the facility was closed while damage and options were assessed. "Unfortunately that meant that we have had to make the majority of the workforce formally redundant," added Zolfo Cooper Europe. Around 400 employees lost their jobs.

The new owners have refused to comment about future plans for the factory. The plant was producing Fisherman fish pies, tuna pasta bakes, fish fingers and other frozen products, such as crispy pancakes and traditional English meals.

Chris Preston, GMB union organiser said: "The future of the site was in doubt after the devastating collapse of its bankers, Landsbanki, which was followed by a fire destroying parts of the production line."