Lord Hain praises engineering firm, FGP Systems Ltd, for coming back fighting two years after being placed into administration
Taken from the original article in the Dorset Echo written by Sam Beamish.
Lord Hain has praised an engineering firm for coming back fighting two years after it was placed into administration.
Lord Hain visited FGP Systems Ltd, which is based on the Granby Industrial Estate, and spoke highly of the company’s recent development.
He said: “A couple of years ago this world class company was in dire straits but with the help of Cyrus Investment Management it has grown and attracted new customers. It is very exciting for me who believes in the possibilities of British engineering.”
Lord Hain is a member of Cyrus Investment Management’s advisory board, which has helped to advise FGP Systems Ltd since it took over from FGP Precision Engineering in September 2015.
The engineering firm has seen considerable improvement since the takeover and has increased its head count from 98 to 122. The firm has also received £3.8m of new investment and 20,000 sq. ft. of factory space.
Seven of the firm’s apprentices have completed their four-year training and are now employed as fully skilled operators, and the firm has taken on eight new apprentices.
FGP Systems Ltd works in the fields of aerospace, hydraulic, pneumatic, nuclear and automotive component manufacture.
Lord Hain added: “The site in Weymouth is a real standard bearer in excellence and producing world class products. One piece of equipment goes into an Airbus A380 which is the biggest, most wondrous airliner in the world and it would not be as safe without the work of FGP.
“FGP has proved that with good investment and management you can really create a very successful company. The future looks very bright and we are hoping to continue investing and growing the company.”
Nigel Pitman, managing director of FGP, said: “Cyrus Investment Management has given us the ability to work with the best vendors and teams in the industry. Lord Hain is a phenomenal advocate for British manufacturing, he brings a level of integrity to the industry. The country has to start making things again we can’t live on the service sector for the rest of our lives.”