A Southampton-based manufacturer of tools for the plumbing and heating industry — established by an RAF pilot during the First World War — has been bought out of administration.

The business and assets of Dickie Dyer have been sold as a going concern to Powerbox International Ltd (www.powerbox.com), saving 10 jobs.

The sale was managed by Gavin Savage and colleague Gary Shankland at Begbies Traynor.

Mr Savage said: “The company had broadened its range by importing components from the Far East, but that proved to be its downfall; it was hit by the dollar exchange rate, which had a substantial negative impact on its working capital and margins.

“The directors of the company came to us at the right time in order for us to achieve the sale. We were able to maximise the value of the business and assets in a short time-frame, which also ensured the future jobs of the employees.”