AFTER months of successful trading in receivership, Winchester firm Millflex has been sold to new company Millflex EU, safeguarding 40 jobs.
Fred Satow, corporate recovery partner from advisors PKF, was appointed joint administrative receiver last October. Millflex makes cable for car ignition systems, airfield lighting and white goods. It has a £5million turnover.
Mr Satow said: "We are pleased to have saved the business and the em-ployees' jobs. This is a good example of how administrative receivership can save a business and jobs as well as maximise realisations for creditors. There were no redundancies during the receivership period.''
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