STAFF at a Rugby company who feared their jobs were at risk have been saved from redundancy.
Thirty workers at Piccadilly AV Ltd were worried about their posts.
The company, which sells audio visual equipment, had been trading for ten years.
Bad debts, cash flow and staffing costs meant the owners could no longer afford to run the business in its existing format.
When the company was threatened with liquidation by HMRC, they called in Rugby business recovery and insolvency expert Bridge Newland who managed to sell the company, and save all the employees’ jobs.
The sale also ensured that the company’s creditors will be paid back far more than they would otherwise have received.
Bridge Newland’s MD Ben Robson said that the method he used to save the company known as pre-pack administration – meant a far better deal for staff, customers and creditors.
He managed to negotiate a sale price of 33 per cent more than initially requested.