Octaveward sold out of administration

A WINDOW firm based in Lancashire which collapsed owing creditors more than £500,000 has been sold by administrators for £90,000.

Darwen-based Octaveward has been sold to Newcastle-upon-Tyne-based Millfield Group by administrators Zolfo Cooper.

A joint administrators’ report states that the company struggled to overcome the effects of a fire which occurred at its Balle Street factory in November 2008.

It was also hit by the big freeze earlier this year as well as disputes with contractors.

The reports shows that it had also struggled with tight profit margins and rising overheads.

Zolfo Cooper was called in in March and immediately laid off 65 staff keeping eight employees on to complete a few existing orders over the next fortnight.

Later that month, Millfield Group agreed to pay £56,000 for the plant and equipment, £33,797 for the stock and £3 for the contracts, IP and commercial information.

Zolfo Cooper has also retrieved £53,000 of £135,500 owed to the firm by debtors.