Metal engineering manufacturer HQC Limited has been sold out of administration to a venture capitalist firm.
Ben Woolrych and Russell Cash of restructuring firm FRP Advisory were appointed as joint administrators on 9 July 2013.
Woolrych, partner at FRP, said: “We have secured the future of this long-standing business and the employment of most of its staff.
“We wish the purchaser and everyone involved with the business continued success in the future.”
Mersey-based HQC, a metal engineering manufacturer for the international technology and medical sectors, entered administration following a deterioration in trading conditions.
The company had been marketed for sale over recent months, before A2E Venture Catalysts completed its acquisition of HQC.
As a result the business will continue to trade and its 46 employees’ jobs have been preserved.
Delivering its products worldwide, HQC counts Nexans, Siemens and Tyco Electronics among its customers and supplies to the global technology and medical sectors.
A2E Venture Catalysts invests in manufacturing companies that are established, yet poorly performing, and companies planning for rapid growth.
The UK manufacturing sector has been hit as output figures contracted for a second month against forecasts of slight growth.
Manufacturing, which accounts for around 10% of the UK’s economy, fell by 0.8% in June according to the Office of National Statistics (ONS), an overall decrease of 3% compared to the same period in 2012.