Buyer found for repair business
SOME 70 jobs have been saved at a Lancashire vehicle repair business after it was bought out of administration by a national rival.
Banks & Derbyshire, which has been trading for nearly 50 years, has been bought for an undisclosed sum by Scotland-based Bennett Group.
The Bennett Group will be moving the business to a new location in Preston after failing to agree a deal over its existing site in the city with a property developer.
Administrators from the accountancy firm Begbies Traynor were appointed to the Preston company on September 18 after it endured a period of tough trading.
According to Banks & Derbyshire’s recent annual accounts for the year to September 30, 2008, it had assets worth £1.54m and debts falling due within one year of £1.49m.
The business was founded 48 years ago by Bob Banks and Ronnie Derbyshire who sold out to owners Stuart McDonald and David Parkinson. Mr McDonald will now be the general manager of Bennett’s of Preston.
