THE jobs of more than 30 workers look set to be saved after being rescued from receivership.

Accountants were appointed to Smallshaw Precision Plastics, based at Huncoat, last Friday by the NatWest bank.

But managing director Andy Holt, who has been with the company for 11 years, has now had a bid for the company accepted by the receivers.

"I am happy that this is the best result in a short time scale," said Edward Cook of Manchester accountants Hacker Young.

Mr Holt said he was convinced there was a bright future for the injection moulding firm but attacked a rival businessman who he claimed was deliberately trying to scupper the rescue attempt.

"This person has been ringing round all our customers and creditors and saying all sorts of things about the company." The receivership appointment was made on Friday and a sale agreed on Monday.

"The figure involved for the business is on open market value which is the best we could have hoped for," said Mr Cook.

"If we had have left it much longer there would not have been a business left and all the creditors would have got was the break-up value of the company."

Following the buyout, creditors will receive a percentage of the money owed to them by Smallshaw.

Mr Cook praised Mr Holt's efforts to save the company and the jobs of its employees.

"When the company got into trouble a year ago he got rid of his car and hasn't paid himself a wage for some time."

Mr Holt is now finalising the finance for the buyout.

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