Jeremy Woodside and Chris Ratten, partners at RSM restructuring advisory, have been appointed joint administrators to a group of Lancashire textile businesses, which they have sold out of administration in a deal which saves over 100 jobs and maintains continuity of service to customers
The companies, based across two sites in Bolton and Rochdale, are Cliq Designs Ltd; J.H Cunliffe & Company Ltd; Bolton Textiles Ltd; and Inhome Soft Furnishings Ltd.
The administrators said they had all suffered challenging trading conditions due to increased competition in the sector reducing sales margins. In addition, the companies had been suffering on a cashflow basis for some time.
Following the appointment of administrators, the group of companies were subsequently sold to Bolton Textiles (Group) Ltd.
Jeremy Woodside, RSM restructuring advisory partner and joint administrator, said: ‘The deal saves a group of historic Lancashire manufacturers, which is not only great news for the 102 employees and the wider Lancashire economy, but it ensures continuity to the companies’ loyal customers.’
