Over 30 jobs saved at Middleton firm
Wednesday February 13, 2019
Sale follows appointment of Joint Administrators in December
31 jobs have been saved at Middleton-based Industrial Latex Compounds Limited (“the Company”) after it was bought out of administration.
Joint Administrators Ben Woolrych and Anthony Collier, Partners in our Manchester office, secured the sale of the business on the 24th December 2018 to Jacques Products Limited, in a deal backed by private investment firm The HLD Group of Companies.
Jacques Products will continue to trade from its existing site on Greengate Industrial Estate, with all current jobs transferring.
Industrial Latex Compounds Limited entered administration on 21st December, after it experienced significant cashflow difficulties mainly as a result of a recent fall in sales. The Joint Administrators sold the firm to Jacques Products Limited as part of an accelerated sales process.
Founded in 1966, the Company manufactures latex and rubber compounds used in textiles and carpets.
Commenting on the transaction, Ben said: “Industrial Latex Compounds makes an important contribution to the local economy, and the sale of the Company will save jobs as well as ensuring continuity for clients.
“The management team approached us for support in November last year, and, thanks to their quick action, we were able to work closely with the team to secure the best outcome for everyone involved.”
David Myles, Special Ops Director, HLD Group, said: “Industrial Latex Compounds is a solid business that has a strong customer base across the UK.
“We’ll now work closely with the management team to help the firm improve and grow, taking steps to ensure that the Company continues to offer the best possible service to clients in the coming months.”
We were advised by Martin March at Turner Parkinson.