50 jobs saved as Leicester manufacturer sold out of administration

Some 50 jobs have been saved at Leicester satchel manufacturer Zatchels after the firm was bought out of administration by its owners – backed by a Chinese investment firm.

Avenue 51 have backed owners Brian Brady and Dean Clarke to buy Zatchels out of administration.

Zatchels had been operating under a company voluntary agreement since April 2016, paying back £10,000 to creditors each month.

The company exports to Japan, Philippines, Australia, Singapore, USA, China, Canada, Russia and Europe and has one retail outlet in York.

Clarke says the firm ran into difficulties with deliveries over Christmas 2016, but that these issues are now resolved.

Zatchels will turnover around £2.5m this year, with Avenue 51 vowing to grow that to £6m within two years.

Close