A TROUBLED Darwen company and the jobs of its 47 employees have been saved following a management buy-out.
The sales team of Hille Ltd, in Anyon Street, have taken control and aim to re-establish the company as a market leader.
It will now trade as Hille Seating Limited and has been brought out of administration. Up to 50 workers were reportedly laid-off when Bury-based administrator DTE Corporate Recovery was called in on March 26.
Blackburn-based Pierce Chartered Accountants advised the buy-out team and helped secure funding from the Royal Bank of Scotland.
Simon Baxendale, Pierce's corporate finance partner, said: "It's fantastic news for the area that these jobs have been saved.
"The company has the knowledge, expertise and capability to build on its excellent reputation, and re-establish itself as a market leader."
Hille was formed in the 1930s and manufactures public seating for clients such as Odeon Cinemas, the London Underground and British Airports Authority.
In recent years, the company had started to struggle when sales dropped as the market became more competitive. Now the new management are looking to put such problems behind them and enjoy a brighter future.
Twelve months ago Hille merged with office furniture manufacturer Evertaut and moved into two plants in Anyon Street. They were broken up when the DTE Corporate Recovery was called in as an administrator was appointed to each company. Evertaut is still seeking a buyer
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