Stockport-based textiles supplier J.T. Griffiths & Co. Ltd has been sold out of administration, saving 22 jobs.
Mike Dillon and Hilary Pascoe, both from Leonard Curtis, were appointed as joint administrators of the business and after a short marketing period, the company and assets was sold to a connected party, Porrison Harridge Ltd, a business with common directors and shareholders.
J.T. Griffiths & Co. Ltd, which has been trading since the 1950s, fell into administration after experiencing difficulties following a reduction in turnover, mainly due to a decrease in trade during the Covid-19 pandemic.
The sale has seen 22 jobs saved, with the purchaser to continue to operate its factory in Turkey, which also employs around 75 staff. The sale has also maximised realisations for creditors and mitigated creditor claims.
Commenting on the sale, Mike said: “J.T. Griffiths & Co. was a well-established business which had historically traded profitably. Recent reduced trading activity had put the business under significant cash flow constraints, and it was unable to keep up with payments due to creditors.”
Robert Griffiths, director of Porrison Harridge Ltd, added: “The sale has allowed us to continue trading and to maintain continuity of supply to customers. All staff remain in place providing the same high-quality service our customers have come to expect.”