PUBLISHED: April 23, 2016 7:59 amLAST UPDATED: April 23, 2016 11:07 amMore than 100 jobs have been saved in the rescue of a crisis-hit Black Country furniture manufacturing firm.
Ultra Furniture, based on Kingswinfords Pensnett Estate had made 84 redundancies since losing a major customer in February.
It has now been bought in a pre-pack administration deal, allowing it to keep trading and saving the jobs of the remaining 116 staff.
Administrators from accountancy firm RSM in Birmingham were appointed and sold the business to PPKidd 56 Ltd, a new firm company set up by Ultras managing director Glen Aston. Ultras design director Dennis Milligan has joined him with as a director of the new firm.
The administrators said the company had been suffering financial problems followed by the loss of the major customer. Despite new sales http://www.bbc.co.uk/homes/diy/ and cost-cutting measures Ultra was unable to trade out of its difficulties or secure additional investment.
Joint administrator Diana Frangou said: Our key priority throughout this process was to rescue the business, and we are extremely pleased to have been able to achieve this. Its rescue was of upmost importance not only for its direct stakeholders, but http://thegreenguy.co.uk/ also for the local economy and community.
Mr Glenn Aston said: The two key motivations behind delivering this transaction were protecting the jobs of 116 employees and ensuring that the loyal customers were not let down.
The whole process has been very difficult and traumatic for all involved, and I personally would like to thank all employees both past and present for their cooperation and understanding throughout this prolonged period of uncertainty.
It is regrettable that Ultra had to enter an insolvency process, however together with our retained workforce we hope to work with Ultras loyal customer and supplier base moving forward.