NORTH SOMERSET, UK -- A company run by Mardsen Smith shareholder Robert Smith has acquired the EMS company out of administration for £50,000, according to published reports. Smith is director of Virtuose Circuits, and is also Mardsen Smith's largest shareholder.

The acquisition reportedly will save 15 jobs but will cost creditors about £350,000. The company had sales of about £1 million when it failed.

Ironically, Marden Smith itself was formed after an asset purchased of Seatech, which also was in administration.

The administrators turned down two offers from Virtuose before accepting the £50,000 bid.

Administration is a procedural step for determining the fate of insolvent businesses.