A Hampshire engineering firm has been sold out of administration, preserving the jobs of 69 staff.
Hawke Industries Limited entered administration in September, with FRP Advisory partners Nigel Hamilton-Smith and Phil Armstrong appointed as joint administrators.
Administrators have since affected a sale of the business and its assets to NWP Engineering Limited, a newly-formed subsidiary of manufacturing firm North West Precision Ltd.
Hamilton-Smith said: “We have secured the sale of Hawkes Industries and the retention of its staff.
“The company was experiencing year-on-year growth until a tough economic climate this year put pressure on the business.
The sale of Hawke Industries will see the company continue to operate under the new ownership. The joint administrators had been trading Hawke Industries as a going-concern, conducting sales discussions in order to secure the future of the business.
Hamilton-Smith said: “The administration process provided a cushion while active discussions were carried out for the sale of the business and its assets. We wish the purchaser and everyone involved with the business conducted success for the future.”