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Jobs saved at Manchester firm with successful sale
Turnaround and restructuring specialists at Leonard Curtis have steered the successful sale of a Covid-struck Manchester shop front manufacturing and installation company, saving 44 jobs in the process.
Shop Front Group, based on Clayton Lane South, in Gorton, set up in 2010 as a manufacturer and installer of aluminium and glass shop fronts, roller shutters, but ran into difficulties following the introduction of Covid restrictions in 2020 and went into administration in July 2022.
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, SFG Shopfrontgroup Limited, a company with common directors.
Mike Dillon commented: Shop Front Group were trading profitably until the restrictions took effect, but by June this year were suffering significant losses.
While the directors took steps to maintain their trading position by securing Government support loans, including CBILS, and deferring payments to HMRC, they struggled to do so and also fell behind in their obligations to critical suppliers.
As well as protecting jobs the sale has maximised realisations for creditors, mitigated creditor claims and seen the successful transfer of all 44 jobs to the new entity.
Warren Heathcote from SFG Shopfrontgroup Limited commented: We will continue to offer the same quick turnaround products as we have always done, serving our customers throughout the UK.
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