The engineering group Avingtrans (www.avingtrans.plc.uk), which has its headquarters at the Chatteris Business Park near Peterborough, has acquired an Oxford-based company with a £2 million turnover.

The group paid £347,000 for Oxford-based Space Cryomagnetics, which trades as Scientific Magnetics.The 15-strong business was founded in 2000 as a spin-out from Oxford Instruments. It designs and makes super-conducting magnet systems for a range of applications and for clients that include Rolls-Royce and Siemens.

Steve McQuillan, chief executive of Avingtrans, said that the addition of Scientific Magnetics will “deliver a real ‘step change’ in our offering. The acquisition aligns with our ‘buy and build’ strategy, which also saw us purchase the assets of oil and gas manufacturer Whiteley Read in December.

“We are looking forward to working with the Scientific Magnetics team to deliver on what are genuinely exciting opportunities across a number of key markets.”

This acquisition comes as Avingtrans reported pre-tax losses of £200,000 for the six months to 30 November, compared to £1.2 million for the first half of the year. Its turnover increased by 11% to £9.6 million.