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The management of West Yorkshire furniture manufacturer British Thornton ESF have completed a prepack buyout, securing the business' future.

 

Andrew Andronikou and Paul Zalkin of corporate recovery and business advisory firm Quantuma were appointed joint administrators April 4, immediately selling the business and assets to a newco controlled by the same management team, they said in a press release.


The deal saves 150 jobs at the Keighley company, which produces furniture primarily for use in the education sector, such as schools, colleges and universities.


Without immediately providing figures, administrators said the sale will "maximise the dividend prospects to the companies' creditors and safeguard the workflow to its supply chain."


British Thornton ESF made £1.1 million before tax on revenue of £20.6 million in 2016, its last filed accounts, and was a wholly-owned subsidiary of the £26 million turnover Lillyvalley holding company.

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