Behind the move, Oval 316, acting on the advice of Geoffrey C Warde MBE, embarked on a slimming down programme to put the company on a sound commercial footing. This involved making 14 or 15 people redundant and relinquishing some factory footage.

The redundancy payments, however, amounted to ‘well over £100k’ said managing director Simon Wood Power.

According to Wood Power, who is also MD of Marine Engines Ltd, the accountant recommended a ‘pre-packaged administration’. In short, Oval 316 folded, offloading the redundancy payments to HM Customs and Revenue and leading to the phoenix-like ascent of Oval Stainless, complete with the assets – and none of the liabilities - of the former company.

BB asked who was out of pocket then? ‘A small amount of trade creditors, most of whom we’ve looked after in some shape or form,’ said Wood Power. ‘The landlord has taken a bit of a hit, but we’ve renegotiated with him. HM Customs and RBS took a bit of a hit.’

So everyone's happy, asked BB? 'With the exception of one or two small people, yes...' said a slightly hesitant Wood Power.  'We've got ongoing negotiations with some of them.'