Cyrus Investment Management (
www.cyrusim.com), the new owner of Weymouth-based aerospace precision engineering company FGP Systems (
www.fgpltd.com), has said that the latter is now trading profitably after being rescued from administration.
Peter Schwabach, managing partner at Cyrus, said that there are plans for further investment to grow the business over the next three years. Richard Hawes and Matthew Cowlishaw of Deloitte were appointed joint administrators of FGP on 10 September. Cyrus acquired it later in the autumn, saving more than 100 jobs.
Mr Schwabach said: “FGP is a well-run business, with a very loyal customer base and a good workforce. However, it ran into problems after taking on too much equipment too quickly, with high leasing costs. We have been able to reach agreements with individual companies and cut the leasing payments by about half. We have a three-year capital plan in place to grow the business and are proposing putting in more equity to develop new products.”
Founded in 1970, FGP designs, engineers and manufactures bespoke mission-critical components for leading UK, European and US aerospace firms.