Insolvency practitioners SFP have sold electronic manufacturing company Marsden Smith Ltd out of administration, saving the jobs of all employees at the Weston-Super-Mare-based operation.

Simon Plant and Daniel Plant of SFP were appointed as joint administrators to Marsden Smith Ltd at the at the end of October ,after a Company Voluntary Arrangement became unsustainable in the face of 'substantial debts', including a sum owed to HMRC.

Established in 2007, MS specialises in PCB assembly, PCB manufacture and electronic assembly for a spectrum of companies including defence, gaming, education and medical industries. The company has 15 employees and an annual turnover of circa £1m.

Simon Plant, director at SFP, said: 'The electronic manufacturing industry has been hit hard by the economic downturn and this has caused the failure of Marsden Smith Ltd. 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.'