Plant jobs saved as Flaretec is sold on

Insolvency specialist Wilson Field was appointed administrator of Flaretec before Christmas, when the Holmewood Industrial Estate company hit cashflow problems and was under pressure from its creditors.

Now, the company, has been sold for an undisclosed sum to Hephaestus Holdings, a Hertfordshire-based investment group that specialises in turning round struggling manufacturing businesses.

The deal has saved Flaretec’s 21 employees - some have worked there for more than 20 years.

Flaretec, founded in 1979, designs and builds pipework, pressure vessels and heaters for industries including oil and gas, marine and food processing.