Pre-packs secure future of Tameside firms
AROUND 45 jobs have been saved at an Ashton-under-Lyne textiles firm after its owners completed a “pre-pack” administration deal.
B&A Quilting, which was founded by the Bashir family, was placed into adminstration on December 20th but the business and assets were immediately bought back by to B&A Quilting Co Ltd – a vehicle set up by the family .
A spokesman for the firm’s administrators, Bury-based insolvency firm Leonard Curtis, told TheBusinessDesk.com that efforts had been made by the family to restructure the business in the year prior to its administration, when the workforce had been trimmed from 140 down to 45.
However, the business eventually had to be restructured via a formal insolvency process.
Meanwhile, the management of Mossley-based electrical engineering company NEC Engineering, have also agreed a deal to buy their business back from administrators in a deal which has saved 12 jobs.
The business, which had a turnover of around £700,000, also appointed Leonard Curtis as administrator on January 7. A Leonard Curtis spokesman said that it traded the business for a couple of days before agreeing a deal with its former directors to buy the business back.
The spokesman said that it did not receive any other offers for the business, which supplies industrial electrical connectors. It is owned and run by a three-man management team consisting of directors Mark Burns, Martin Rigby and Robert Kelly.
