Jobs saved at furniture firm pre-pack

NEARLY 90 jobs at an East Lancashire furniture firm have been safeguarded after a pre-pack administration.

Accrington-based IPEC Furniture, which makes bespoke furniture for hotels, pubs and care homes, was been sold to its management team.

The company, which is set to turnover £2.9m in the year to September and has 88 staff, was put into administration in May when it was unable to meet its obligations to HMRC after a slump in trade.
 
Surveyors and valuers Charterfields were appointed by the administrator, Mark Colman of Leonard Curtis Recovery, to market the business. 

Ian Maycock, director with Charterfields, said: “Following a marketing campaign, it was clear that a sale to the existing management team represented the best option, in terms of achieving best value for creditors and of course saving jobs in what is a very difficult time.

“We are confident that the company will now continue to trade profitably for the foreseeable future.”
 
IPEC is based at a 6,800sq m factory near the town centre. Turnover in the year to last September was £2.6m.