Twenty seven jobs have been secured at a Lynn engineering firm which had gone into administration.
The business and assets of C W Engineering Ltd have been sold to C W Group Ltd, a newly formed holding company, ensuring the continuity of trading and securing jobs for the 27 staff employed when it went into administration on April 2.
C W Group will continue to trade from the same Lynn-leased premises in Hamlin Way, under a rental agreement with the joint administrators, allowing C W Group an option to buy the freehold after six months.
FRP Advisory, a restructuring and advisory firm which sold the business out of administration, said that the engineering company had faced tough trading conditions for many months in its core construction, engineering and electrical installation markets. Sixteen staff at its St Helens location in Cheshire were made redundant.
Chris Stirland, partner at FRP Advisory, said: “We are delighted to have secured the sale of this well-established engineering company, safeguarding 27 jobs and a continuity of management under new company ownership. The administration process provided a vital cushion to help restructure the business while meeting customer demand.”