SHAREHOLDERS of troubled Gaskell plc have approved the sale of its carpet tiles division in an £18million deal.
The sale to Low and Bonar PLC will affect around 200 employees at Clayton-le-Moors and a production plant at Bamber Bridge.
Cash raised by the deal -- plus proceeds from the £3.1million sale of property in Kidderminster -- will enable Gaskell to clear its mounting debts.
Finance director Richard Hopkin said the money would also provide working capital and investment for Gaskell Carpets and Gaskell Textiles which together employ around 400 people in Rishton and Clayton-le-Moors.
A "minimal" number of redundancies is expected at Gaskell Carpet Tiles when the new owners take over.
The deal has come as a relief for the Gaskell management team who warned the company may have been put into liquidation if shareholders had voted against. "We have been under pressure to reduce and eliminate bank debt," said Mr Hopkin. "We believe this sale is the best solution.
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