A group of Lancashire textile businesses have been sold out of administration in a deal which saves over 100 jobs and maintains continuity of service to customers.
Jeremy Woodside and Chris Ratten of RSM restructuring advisory LLP were appointed joint administrators of Cliq Designs Limited; J.H Cunliffe & Company Limited; Bolton Textiles Limited; and Inhome Soft Furnishings Limited on 23 May 2017.
The companies, based across two sites in Bolton and Rochdale, have suffered challenging trading conditions due to increased competition in the sector reducing sales margins. In addition, the companies had been suffering on a cashflow basis for some time.
Following the appointment of Administrators, the group of companies were subsequently sold to Bolton Textiles (Group) Limited.
Jeremy Woodside, RSM restructuring advisory partner and joint administrator, said
‘The deal saves a group of historic Lancashire manufacturers, which is not only great news for the 102 employees and the wider Lancashire economy, but it ensure continuity to the companies’ loyal customers.’