Jobs saved as company finds funds

FEARS of jobs losses at a city engineering firm have been put to rest after managers managed to secure funding to establish a new company.

Around 26 skilled staff at Pentland Precision Engineering had feared losing their jobs after the firm went into administration in recent months, while four staff had to be let go.

Administrators said the firm suffered in the economic downturn, but that one of the directors managed to set up a new company to take over the existing one, based in Loanhead.

Maureen Leslie, joint administrator from MLM Insolvency, said: "The sale was concluded last week and 26 jobs have been saved. The company suffered considerably in the downturn and its order book fell.

"They stripped quite a lot of their costs, refinanced the business and actually set up a new company in the process."