A SUPPLIER of pattern books to home furnishing companies such as Laura Ashley and Colefax & Fowler has been saved following a prepack administration deal.

Newco GP Patterns Limited, owned and run by former LCP Pattern Book Makers Limited director Gareth Bolsover, has acquired the business and assets of the latter after it was placed into administration through turnaround firm Wilson Field.

Terms of the sale and the impact on creditors are undisclosed, though ought to become available via statutory filings in the weeks ahead.

The prepack rescues 63 jobs at the Ilkeston business, which first started life in 1909 in the North of England before moving to Derbyshire in 1970.

Joint administrator Kelly Burton said: "The company enjoyed profitable trading in recent years but 2017 saw a 10 percent fall in turnover which created cash flow problems. This resulted in arrears with rent, HMRC and other suppliers.

“GB Patterns Limited bought the company with all 63 staff being transferred to the new company under TUPE. As well as saving jobs, the pre-packaged sale has mitigated employee termination claims estimated to total £414,018, resulting in a significantly better return to creditors."

Gareth Bolsover, owner of GB Patterns, said: “This has been an uncertain and very difficult period for the business but the continued financial support from Regency Factors and advice from the administrators at Wilson Field has made the whole process less stressful. Working closely with them has meant we have been able to keep all 63 staff. The future now looks very positive.

"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."

The business continue to trade from its premises at Crompton Road, Ilkeston, specialising in the manufacture of fabric, wall/floorcovering sample books, swatches, PVCU and cardboard binders, on behalf of manufacturing clients, including Colefax & Fowler and Laura Ashley.

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