The sale of a Stockport textiles and sewing solutions supplier completed by restructuring specialists at Leonard Curtis has secured the future of 22 jobs in the town.
J.T. Griffiths & Co. Limited, based in Ford Street in Stockport, had been trading since the 1950s, but ran into difficulties following a reduction in turnover, in particular, due to a decrease in trade during Covid.
After a short period of marketing, Joint Administrators Mike Dillon and Hilary Pascoe from Leonard Curtis completed a sale of the business and assets to a connected firm, Porrison Harridge Limited, a company with common directors and shareholders. Mike Dillon (pictured) commented:
“J.T. Griffiths & Co. was a well-established business which had historically traded profitably. Recent reduced trading activity had put the business under significant cash flow constraints and it was unable to keep up with payments due to creditors.”
Robert Griffiths, Director of the Purchaser, commented:
“The sale has allowed us to continue trading and to maintain continuity of supply to customers. All staff remain in place providing the same high-quality service our customers have come to expect.”
The sale has maximised realisations for creditors, mitigated creditor claims and seen the successful transfer of all 22 jobs to the new entity.
The Purchaser will continue to use its fast-growing factory in Turkey, which is owned by a connected business and employs over 75 staff.
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