Administrators aim to sell firm

Administrators at a Suffolk engineering firm brought down by a dispute with a customer over a contract hope to sell the business as a going concern.

Forty-five managers have been made redundant at stricken SLP Engineering, based in Lowestoft, but the workforce is being kept on until Spring 2010.

First East, the urban regeneration firm for Lowestoft and Great Yarmouth, is working with SLP to win new contracts.

Administrators PricewaterhouseCoopers are looking for a buyer.

Phillip Watkins, chief executive of First East, said: "Existing work, like a contract for BP, will continue into the Spring.

"It is very important to note that administrators PricewaterhouseCoopers are looking to sell the company, which has a very good reputation, as a going concern.

"We also have several energy companies, international names, exploring the possibility of Lowestoft being the port for their operations and maintenance.

"SLP are already involved in the renewable energy business.

"With partners we are promoting the concept that working together in the renewables sector is the way forward."