AN ENGINEERING firm in Chichester has been sold out of administration.
FRH Group has appointed Alexander Kinninmonth and David Green of RSM Tenon as joint administrators of the Pagham Road firm.
The business was set up in 1952, with FRH Group incorporated in 2006 following a group reorganisation.
It was recently subject to a winding-up petition from HM Revenue and Customs, following which the directors approached RSM Tenon for advice.
The business and assets of FRH were sold to FRH Machining Limited, which means no jobs have been lost and the business can continue.
Mr Kinninmonth said: ‘When a company receives a winding-up petition it is important that they quickly seek professional advice regarding their options. In many cases alternative procedures, such as administration, will be beneficial.
‘As in the case of FRH Group, the ongoing business can be preserved, jobs rescued and the return to creditors improved.’