Marsden Smith Limited, a Somerset manufacturer of electronics equipment, has been sold out of administration, securing the jobs of all 15 staff.
The firm had amassed “substantial debts”, meaning a Company Voluntary Arrangement (CVA) was unsustainable, with “exacerbated cash flow problems” leading the company entering administration.
Simon Plant and Daniel Plant of SFP were appointed joint administrators on 31 October.
MS had an average annual turnover of £1m, but accumulated considerable debts, including sums owed to HM Revenue and Customs (HMRC).
Simon Plant, director at SFP, said: “The electronic manufacturing industry has been hit hard by the economic downturn and this has caused the failure of Marsden Smith Limited. Following a brief marketing campaign, a sale of the business and assets has now been concluded, saving jobs and enhancing realisations for the administration estate.”
Based in Weston-Super-Mare, Marsden Smith was established in 2007 and focused on PCB assembly, PCB manufacture and electronic assembly for companies is varying industries.