Begbies Traynor has cooked up a successful sale for Preston and Thomas Ltd, an icon of the British fish and chip trade, which went into administration last year.

The Cardiff-based company has supplied cooking ranges to fish and chip shops across the country for the past 100 years and has now been bought by Rangetek Ltd, based in Kent and Surrey. The new owner will rebrand the business as Preston and Thomas, with directors saying they want to call upon the 'prestige of the Welsh manufacturer', which has installed ranges in more than 11,000 fish and chip shops since the Second World War.

The sale was managed by David Hill and Steve Wade of Begbies Traynor who were appointed as joint administrators to Preston and Thomas in September 2013 following a decline in turnover in recent years.

David Hill, Begbies Traynor partner and joint administrator, said: 'After several months of talks with potential buyers, we managed to secure the sale of Preston and Thomas's goodwill and intellectual property, along with some of its plant and machinery. This will enable the trusted brand of Preston and Thomas to continue to play a major role in nation's culinary culture'.

Remaining plant and machinery has been sold by auction and the company's premises in Cardiff have now been cleared. Rangetek specialises in supplying fish and chip shop fryers, in addition to equipment servicing and upgrades.

Martin Lewis, managing director of Rangetek, said: 'We will be relaunching Preston and Thomas on 3 February and look forward to taking the brand forward and continuing its reputation for serving quality to fish and chip customers across Britain and beyond.'