Jobs saved as engineering business is bought out of administration

Up to 100 jobs were saved after a Weymouth engineering firm was bought out of administration, according to a news report in the local business media.

FGP Precision Engineering Ltd was placed under administration on 10 September 2015. The joint administrators from Deloitte managed to sell the business and assets to Cyrus Investment Management and safeguarded 98 jobs of the total of 130 employees at FGP Precision.

Peter Schwabach, managing partner of Cyrus Investment Management, added: "We are pleased to have completed the acquisition of the business and assets of FGP Precision Engineering Ltd on behalf of FGP Systems Ltd.

"We intend to build on the strengths of this business, which is a critical supplier to the global aerospace industry."

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