PART of an historic company which was placed in administration has been bought out by management, it has emerged.

Former bosses at Blackburn Microtech Solutions, formerly Mullards and LG Philips, have purchased equipment and kept on a “small number” of staff, administrators said.

The company, which at its peak employed 7,500 people in Philips Road, was placed into admin-istration in September after a deal with a Chinese customer fell through.

Some 115 workers were set to lose their jobs as the manufacturer of old-style TVs fell victim to adv-ances in LCD technology.

Administrators at Manchester-based Zolfo Cooper have declined to reveal details of the part buy-out, including how many jobs may yet be rescued.

And yesterday, the telephone number previously used by Microtech Solutions was not working.

A Zolfo Cooper spokesman said: “Following the appointment of joint administrators to Blackburn Microtech Solutions, we can confirm that the management of the company has purchased some of the equipment and retained a small number of staff to continue working on development projects at the company’s premises.

"The remaining equipment was sold at auction and is currently awaiting rem-oval by its purchasers.

“Prior to the appoint-ment of the joint administrators, the majority of the company’s 115 staff had already been stood down, with minimal staff-ing maintained to complete a small volume of work currently in progress.

“The company has since ceased trading.”

The problems at Microtech Solutions came just months after next-door CD manufacturer EDC announced it would close next month with the loss of 260 jobs.

It is understood the factory will finally shut on December 23.

Blackburn MP Jack Straw said that he was confident the hundreds who lost their jobs at the two firms would find work elsewhere in Blackburn.

He said: “The closure of these two companies is down to changes in technology, in an increase in music downloads and LCD televisions.

“However, I think most of the former workers will be able to find something similar in the town, although the prob-lem is finding work for similar pay.”