Jobs have been secured at a Weymouth factory after a major business deal.

Private investor Rcapital has announced it has completed the acquisition of aerospace and defence engineering business, FGP Group.

The Group includes Granby Industrial Estate-based FGP Systems Limited, a precision engineering business which provides very high tolerance machining, turning and fabrication services to blue chip aerospace and defence customers. 

It also comprises Yeovil-based FGP Lufton Ltd which manufactures parts for the aerospace sector, and a successful surface treatments and coatings business - Ramp Surface Coatings - also in Yeovil.

The deal means more than 200 jobs across the sites are protected, Rcapital says.

FGP boasts a number of blue chip customers including Honeywell, Collins Aerospace, Martin Baker and Curtis Wright. It also participates in several flagship aerospace programmes including Airbus A350 and A320, Boeing 737 and 787, as well as major defence platforms including the Eurofighter and F35.

The existing management team will remain in place and will be supported by Rcapital which brings extensive operational, financial and sector expertise. It will work with the business to stabilise trading and position it for growth.

It acquired the business from 126 individual shareholders who were participants in the Cyrus Secured Loans Precision Engineering EIS Fund. The transaction was delivered via a solvent sale of the shares in FGP Systems Limited and Heartland Engineering Limited.

Sam Duberley, Investment Manager at Rcapital, said: “FGP Group is a solid business which boasts a number of blue chip clients and has a role in several key aerospace projects. Rcapital has an extremely strong track record in the sector and FGP Group complements a number of our other investments. We are looking forward to working with the management team to strengthen the business and secure long-term growth.”