Dozens of jobs have been saved after a Welsh manufacturing firm was sold out of administration.
Swift Manufacturing Solutions Limited, based in Newtown, has been sold to design and construction firm F1 Modular Limited – saving a total of 49 jobs.
The company called in insolvency practitioner and business recovery specialist firm Poppleton & Appleby after experiencing cash flow difficulties.
Swift Manufacturing Solutions Limited, based on the Mochdre Industrial Estate, was established in 2011 and offers offsite manufactured building solutions for businesses.
The company offers a fully-bespoke service to its customers and has manufactured modular buildings for a number of well-known brands.
F1 Modular Limited will now control its own operations from their mid-Wales base in Newtown, designing and constructing community buildings such as housing, student accommodation, fire stations, school classrooms, leisure facilities and hotels, as well as retail units and kiosks.
Matt Hardy of Poppleton & Appleby, said: “We are delighted that 49 jobs have been saved with our help.
“It shows that if companies make contact with a business recovery specialist early enough, it can lead to a positive outcome for staff and their jobs.
“We were called in when the company ran into cash flow difficulties and F1, who were already in the early stages of a joint venture to build modular houses for their own projects, wanted to buy and preserve the production facility for the future.
“The high quality of the product, together with the skills of the workforce were of particular importance to F1.”