A DESPERATE search for a new home is looking promising for a Hampshire company that rose from the ashes.

Composite Mouldings was launched by two employees of failed firm Blondecell, which folded owing more than £1m last year.

Blondecell, based at the well-known old Husbands shipyard at Cracknore Hard, Marchwood, had made boats and mouldings for 25 years and employed 50 people.

The new company picked up where the old one left off but new directors Warwick Buckley, former technical manager, and Nick Hamner, former purchasing and quality manager, soon had a new headache.

They have to find a new factory site because the Husbands yard is being demolished later this year to make way for a luxury waterfront hotel.

Mr Buckley said: "Our landlords Oceanic Estates have confirmed that they are now prepared to build us a factory on an adjacent site to our present factory with the view of building up a marine-based cluster in this area.

"We are delighted that they have gone to their architects to draw up plans for a 12,000 square foot factory with room for expansion."

Mr Buckley said that Oceanic Estates have already submitted a bid to buy the site and they should hear the result in the next eight weeks.

Composite Mouldings has re-employed 19 members of the old Blondecell workforce to build a variety of boats and mouldings.

Things are looking up with a lucrative new deal to refurbish lifeboats for P&O cruise ships Oceania and Adonia, which becomes Sea Princess later this year.

Southampton-based P&O Cruises also ordered similar work for Ocean Village, another part of the Carnival UK umbrella which includes P&O Cruises.

Mr Buckley said: "The future is looking very bright and whatever happens we hope very much that this factory will be built and developed for us."