Wed, 13 Nov 2013 | BUSINESS SALE
Electronics manufacturer Marsden Smith Ltd has been bought out of administration.
The business appointed Simon and Daniel Plant of SFP at the end of October after amassing substantial debts, including significant levels of debt to HM Revenue and Customs (HMRC).
Despite its debts, Marsden Smith still managed to show an annual turnover of £1 million but the money the business owed, coupled with cash flow problems, meant that administration became inevitable and SFP were brought in to handle the company's affairs.
Simon Plant, director at the administrators, commented: "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."
Marsden Smith has an international reach and undertakes work for a number of different sectors including defence, education and the medical industry. It specialises in providing printed circuit boards.
The business was established in 2007 and is based in Weston-Super-Mare. It employs around 15 people.
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