More than 60 jobs have been saved at a Derbyshire manufacturer of pattern books after it was acquired out of administration.
LCP Pattern Book Makers Ltd, which trades as Lee Colourplan Pattern Book Makers, has a history spanning more than 100 years and counts Laura Ashley as a client.
The firm which started life in 1909 in the North of England moved to the East Midlands in 1970 and now makes wall and floorcovering sample books and swatches.
Kelly Burton and Lisa Hogg of Wilson Field were appointed joint administrators of the company on 7th August 2017 after the firm ran into difficulty following a ten per cent fall in turnover, which impacted cashflow.
Its business and assets have now been sold to GB Patterns Ltd, which is led by former LCP director Gareth Bolsover. The deal safeguarded over 60 jobs.
Gareth Bolsover, owner of GB Patterns, says: “With our strong reputation within our niche sector and with the same staff team, we are confident that the company has a viable future and is able to offer our customers the same high quality of products and service.”
Burton adds: “It is always good to see long-established businesses survive after facing difficulties.
“In this case with continued financial support from Regency Factors plc, we were able to work with all other parties to reach an outcome which would be in the best interests of creditors and at the same time preserve the business.”
Mark Wilkinson of Shulmans and Robert McArdle of David Currie & Co advised on the transaction.