FRP helps secure jobs at Quality Precision Electronics

More than 40 jobs have been saved following the pre-pack sale of Fife electronics manufacturer Quality Precision Electronics. The deal was overseen by administrators from FRP Advisory.

Founded in 1983, Quality Precision Electronics (QPE) provides full turnkey services and solutions to the electronic assembly sector. With 40 years’ experience in the field, we pride ourselves on our innovative, high-tech and high-integrity approach to our versatile customer requirements. Based in Glenrothes, Scotland, since 2013, the firm has made significant investments into our equipment, technology and facilities, in order to maximise its high-technology solution offering to its customers.

However, a decline in sales following the pandemic, coupled with rising operational costs had caused the business, which specialises in building printed circuit boards, to experience financial difficulties. Having been unable to secure further external financing to ease cash flow pressures, the business entered administration.

QPE welcomes joint administrators from FRP Advisory. Michelle Elliot and Callum Carmichael arrived on the 11th of February, and quickly confirmed a rescue deal with Testworks Scotland, another electronics manufacturer based in Dunfermline.

Andy Chick, managing director at QPE, commented, "We are pleased to have been able to work with FRP to protect the jobs and operation of Quality Precision Electronics. As experienced owners in the technology sector we saw this as a great opportunity to work with a skilled team, in an important region, supplying a wide range of services to an exciting customer base. We look forward to helping the business, stabilise and prosper."

The deal enables the business to continue trading, now under the name of QPE. At the same time, it secures the jobs of all 41 employees. 

Elliot, a partner at FRP, added, “The manufacturing sector has had to grapple with a number of challenges in recent years, including tighter margins on contracts and rising operational costs. But the business still retains strong relationships with its core customer base, and its ability to service multiple sectors ranging from life sciences to defence and security means it was still an attractive acquisition. It’s great to have secured a positive outcome for securing the jobs of all its employees and providing a platform for the business to grow under new ownership.”