An electrical engineering company established more than 100 years ago has been placed into administration in a bid to secure its future.

Great Yarmouth-based Bowers & Barr had run up debts of almost £1m, including about £200,000 to HM Revenue and Customs, although the majority is owed to its two directors.

An administrator was appointed on April 25, and measures to save the company have included making one staff member redundant, out of a workforce of 24.

Administrator Graham Wolloff, from Peterborough-based business recovery firm Elwell, Watchorn and Saxton, said the company had not made a profit for some time.

'The two directors have been keeping the company going financially,' he said.

'The directors said each year there had been some disaster such as a customer going out of business or a company voluntary arrangement and they haven't paid their debt.

'The primary purpose is to save the business. That could either be by an outside party putting money in or it could be through a company voluntary arrangement.'

He said the directors, Alan Frosdick and Jean Rose, continued to look for new business, and were determined to save the company.

They have both been directors at the firm, based in Hall Plain, in the centre of Great Yarmouth, for 24 years, and are the sole shareholders.

Mr Wolloff said the options for the company included a company voluntary arrangement, which is an agreement with its creditors.

A previous winding-up petition from HM Revenue and Customs was issued in May last year, but was dismissed after the tax bill was paid.

The latest petition to wind up the company was posted in December, however the directors were able to were determined to save the company, and were able to take it into administration.

Bowers & Barr said it operates largely in the commercial and industrial market.

Are you introducing new measures to secure the future of your business? Call Sabah Meddings on 01603 772879 or email sabah.meddings@archant.co.uk