Thirteen jobs at a specialist company which completes joinery work for private individuals have been saved after the firm was sold out of administration.
Manorwood Joinery Ltd appointed business recovery specialists Begbies Traynor to handle its administration after the company hit financial problems.
Joint Administrators Julie Palmer and Sally Richards, from Begbies Traynor's Salisbury office, who were appointed on February 9, completed the sale of the company to Manorwood (Chilmark) Ltd ‐ securing the future of all 13 employees.
Manorwood Joinery traded from its premises at Manor Farm, Chilmark, and had performed well after undergoing a management buyout in 2014, completing a range of joinery work, and its subsequent rebranding led to a stabilisation of the company's trading position.
However, the company began to experience financial difficulties as a consequence of not addressing its ongoing liabilities, which in turn led to it accruing a debt with HMRC.
After the administrators were appointed they quickly determined that the business had the potential to return to profit ‐ and a sale out of administration was agreed.
Julie Palmer, regional managing partner at Begbies Traynor's Salisbury office, said: "The sale via administration allowed the insolvent, but potentially profit making business, to secure its immediate future, as it was not reasonably practical to rescue the company as a going concern.
"We were quickly able to advise that administration and a subsequent sale was the best course of action, and we are therefore very pleased to have been able to secure the jobs of the employees. We've been able to get the business to a point where it can face the future with a much greater degree of confidence, and we are optimistic that it can now flourish despite being in what is a competitive marketplace."
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.