Consortium rescues stricken manufacturer
A Nottingham-based point of sale packaging and clipstrip specialist that was rescued from administration has now moved into new premises, marking a remarkable turnaround in its fortunes.
Lighthouse Display, which was saved by a group of local businessmen earlier this year after the sale of the business went sour, will now be based at 2 Swinstead Close in Bilborough.
Non-executive director Tom Mawhood told TheBusinessDesk.com that a consortium of business angels rescued the firm “with the full backing of management” after the buyer removed assets from the company’s premises and set up a new firm.
He said: “In December 2018 Neil Speed sold the business he had developed over the previous 26 years in good faith and on assurances that there were plans in place to invest and grow it, enabling him to retire.
“However, in March it was discovered that the buyer had removed assets from the company premises and established a new company, and that a Notice of Intention to Appoint Administrators had been filed.”
The angel consortium comprising of Mawhood, Garry Morpeth, Gary Pearce, Jonathan Prutton and Simon Woods, together with Neil Speed, acquired the goodwill and assets from the administrator and will now be trading as Lighthouse Display International POS.
An immediate cash injection has been made to help the management team return to business as normal, and, completing its heartening turnaround, the company has now announced four new directorial appointments.
Annie Tighe has been appointed as managing director, Helen Myles becomes sales and marketing director, Joel Lockham takes up the post of operations director and Jill Goode becomes the firm’s new finance director.
Tighe said: “As a business, we are proud to say that over the last few months, we have been able not only to stabilise our position but even outperform our own forecasts. With the support from our excellent staff, loyal customers and high quality suppliers; we are in a very healthy position from which to continue on our growth path.”
Existing directors Mawhood, Prutton and Woods have relinquished their interim executive roles, but will remain on the board as non-executive directors.
