Wed, 30 Sep 2015 | BUSINESS SALE
Administrators have secured a sale of FGP Precision Engineering after the firm struggled with short term cashflow pressures.
FGP appointed Richard Hawes and Matt Cowlishaw of Deloitte as administrators in early September to trade the distressed business while seeking a buyer.
The pair have now been successful and a sale has been secured to buyer FGP Systems Limited, enabling 98 jobs at the firm to be preserved.
Mr Hawes told The Dorset Echo that the team are “delighted” to have completed the sale which “saves a historic brand in the aerospace components industry and provides a solid financial footing on which the business can be taken forward”.
At the time of the administration local businesses noted their surprise at the news given the strong perception of the company as a whole.
The company has appointed a new managing director, sales director and operations director as part of the change of ownership.
The firm was originally founded as a precision grinding company called Fine-grind Products back in 1970. Since then it has expanded its operations and is involved in hydraulic, pneumatic, automotive and nuclear component manufacturing, but its key value is tied very closely to the aerospace industry where it is seen as a critical supplier.
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