A MANAGEMENT buy-out has secured the future of Darwen wallpaper manufacturer Zen Wallcoverings and safeguarded the jobs of its remaining 72 workers.

Former export director Graham Hayhurst has teamed up with company secretary John Clarke to buy the business from receivers, Manchester-based accountants Grant Thornton.

Mr Hayhurst, who has taken on the role of managing director, has thanked the workforce for its efforts in helping to steer the Cross Street company through its crisis.

"Our workers have been magnificent," he said. "I would like to thank all the people who have managed to carry on working under very difficult circumstances." Zen Wallcoverings went into receivership on June with what Mr Hayhurst described as cash flow difficulties.

A month later, 24 redundancies were announced by Grant Thornton as they endeavoured to sell the business as a going concern.

Mr Hayhurst said the new management team would now try to stabilise the company and then take it forward.

"We have slimmed the business down and our job now is to operate it as a cash-generative business with tight management controls," he said.

"We have told the workforce that we cannot guarantee that there will be no more redundancies, but we are trying to retain all the jobs we have now.

" Putting the financial package together has been difficult. The whole wallcovering industry is under pressure which does not make it very attractive to investors.

"Before we put our management buy-out bid together we spoke to our customers to canvass their views and they all wanted Zen Wallcoverings to continue.

"We are really grateful for the support we have had from customers, suppliers and our workers," he added.

Zen Wallcoverings concentrates on the mass market and produces own-label products for larger chains such as Homebase.