Tue, 21 Sep 2010 | MBO/MBI
A Midlands carpet firm is facing a more secure future after successfully being bought out by its management.
The move by the management of Carpets of Kidderminster means the safeguarding of the 58 remaining jobs at the company. It follows the axing of 62 jobs, however, when the company first went into administration in August.
It is understood the buyout was struck after a major reorganisation of the business, which was founded in 1934. The agreement was reached between the company and administrator, Andrew Fletcher of Sanderlings LLP. The cost of the deal was not revealed.
The new managing director, Dewi Thomas – who is also now a shareholder in the buyout company – said there was tremendous relief that the company had emerged from such difficult times with a positive outcome.
"I am delighted we have secured a future for the business," he said. "The administration has allowed us to renegotiate unprofitable contracts and put the business on a sounder footing."
He said the deal enabled them to maintain their position as one of the few remaining specialist carpet manufacturing businesses left in the UK. That status, he said, would prove very beneficial to their existing customers, suppliers and employees.
Local MP, Mark Garnier, said he was delighted at the efforts that had been made on all sides: "This management buyout secures a sound financial basis for the company to move forward."
Once a thriving online garden centre started in 2018, after an internal dispute the business stopped trading in 2022. In a space of just 3 years the business achieved £500k in turnover. This is a perfect opportunity for someone looking for a new...
Presenting an opportunity to acquire a very profitable plumbers and heating merchants business operating nationwide.
Popular and well-regarded Sushi and Ramen restaurant and takeaway, which is situated in a prime city centre location in Norwich. The premises are set over three floors and are presented to an extremely high standard throughout and offers the opportun...
LEASEHOLD
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
25
|
Apr
|
New private equity owner for fleet hire firm | BUSINESS SALE
West Lancashire-based fleet hire business NRG Riverside has ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.