LEAMINGTON Spa law firm Wright Hassall advised on a management buyout of a furniture firm in Oxfordshire which saved 36 jobs.
The practice acted on behalf of business restructurers Hilco Commercial in the management buyout of Oceans International and Oxfordshire Garden Furniture by Oceans Holdings.
Oceans’ garden furniture sales have grown from £1m to £8m in the past three years before the business struggled to cope with its rapid expansion.
Completion of this deal has allowed the Banbury company to preserve the employment of 36 staff.
Wright Hassall head of corporate Robert Lee said: “The fact that we are able to call upon a team of lawyers with a range of specialties really helped us to achieve this magnificent turnaround.
“It is particularly rewarding when you are able to play your part in a process that will ultimately lead to saving a number of jobs.”
Clive Coules, of Oceans Holdings, added: “I am very pleased that we have been able to safeguard the employment of the majority of our staff and we look forward to being able to focus on selling and distributing great products to our customers.”
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