JANSPEED, the Salis-bury engineering firm, which closed in October with the loss of 40 jobs, has found a buyer.

A consortium led by businessman Jonathan Marland, of Odstock, has put together a finance package, which will lead to the revival of the world-famous company that was started by Hungarian refugee Jan Odor in 1962.

Mr Odor, who lives in Surrey, has accepted an invitation to join the new board of directors.

The company had been placed in administrative receivership after its bankers required a reduction in the overdraft facilities.

Although Janspeed had a full order book at the time, cash flow difficulties meant that the directors were not able to comply with the bank's request.

Twenty former employees have already been offered jobs by the firm's new bosses.