TWO former apprentices who saved their engineering company have acquired a second firm and are set to create more jobs.

But Richard Archer and Ben Edwards of Weymouth-based Park Precision Ltd, say they had to make five people redundant last week.

The duo, who were backed by £1million of investors’ money to rescue the former Park Engineering Ltd on the Granby Industrial Estate last year when the former owners went into administration, say they will offer new roles to staff who have lost jobs.

They have been given a six-figure sum to take over Essex company WJ Morray and move the operation here. It will create 20 jobs in the new year.

Mr Archer said the Braintree firm were in administration when their investors Valco Capital Partners saw the value of keeping the brand alive.

Morray does agricultural and industrial packaging and the metal components required can be provided by Park.

Mr Archer said: “We saw an opportunity to bring a product here that’s been around for 40 years and give Park its own product.

“It was a foregone conclusion that it was closing and we just went in to see if we could do something with the product.

“The plan was to relocate it to Weymouth and we’ve taken on a unit and set up an assembly line.”

The two directors hope that more jobs might be created in the future with the possibility that the Morray brand can diversify into recycling products.

Mr Edwards said: “The company has got a good standing in the market.

“It was a shame that it closed as it was a 20,000 sq ft factory.”

Last week’s redundancies were due to Park’s biggest customer operating at reduced levels for many months.

Mr Edwards said: “We will give first opportunity to those whose roles we had to make redundant. It’s a tough economic picture at the moment but the recent redundancies are an unfortunate timing issue. We are confident we will continue our success story.”

Mr Edwards said Morray would add about 20 per cent to Park’s turnover.

“This is good news for us and for Weymouth. We have a strong, successful business and we aim to build on that,” he added.

PARK Precision leases its premises from property provider DJ Property.

Chief executive Mickey Jones said: “Last October Ben and Richard came to me with plans to run Park Precision.

“Working to help them, I quickly realised they had the experience, workforce support and vision to lead the business out of a tough situation.

“I’m pleased to have been able to support them. It’s tremendous to see the team turn the business around, fill the order book and begin hiring additional staff.”