Marsden Smith, a North Somerset electronics manufacturer, has been bought out of administration by its largest shareholder for £50,000 after two lower offers were rejected.
The company manufactures and assembles printed circuit boards for clients in the gaming, defence, education and medical sectors. It trades from Winterstoke Commercial Centre in Weston-super-Mare.
The company was formed in 2007 to buy the business and assets of Seatech out of administration. Its turnover, which stood at £2.4 million in 2010, fell away in 2011 when public-sector clients cut their spending as a result of the economic downturn.
In April 2013, it agreed a company voluntary arrangement to repay creditors over time, but this was not a success. The sale agreed by the administrators is expected to save all 15 jobs.
