Jobs saved as historic horticultural supplier rescued from administration

More than 30 jobs have been saved after a historic Lancashire horticultural business was rescued from administration.

Colne-based LBS Worldwide – a family firm that has been a leading name in the sector in both the UK and Europe for almost 50 years – was placed into administration on October 16, with its future in jeopardy.

Under the stewardship of business recovery specialists Walsh Taylor, the company was able to continue trading while in administration thanks to an injection of funds from an individual investor.

As a result of that financial backing, and support from creditors, the future of the business has now been safeguarded.

LBS Worldwide will exit administration via a Company Voluntary Arrangement (CVA).

This was the only possible option for the company to trade on retaining its legal identity – saving 34 jobs and maximising a return to creditors.

Over 90% of supplier creditors have so far indicated their ongoing support and desire to see the company continuing trading and have offered their backing, the administrators said.

It is hoped that finance creditors will also see the benefit of supporting the company through this difficult time.

Mary Taylor, director of Yorkshire-based Walsh Taylor, said: “This is a company that has been within the family since inception, and has always had a very good reputation within the industry – both here in the UK and overseas.

“Naturally, this has been a very distressing time for everyone connected to the company, which for many years has valued its long-standing relationships with its customers and suppliers.

“With the injection of funds from the investor, wedded to continued support of all creditors, there is no reason why the company cannot continue to trade for many years.”

She added: “Our objective is always to find the most positive solution for firms and individuals facing financial difficulties, and we are pleased to have achieved that once again here.”

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