FURNITURE maker Buoyant is being bought out of receivership saving 300 jobs.

Wade Furniture Group is in the process of acquiring the Nelson firm from administrative receivers Arthur Andersen as a going concern. It is hoped the deal will be completed within the next week.

The move was greeted by councillors as a welcome boost for the area after a series of jobs blows.

James Worsley, spokesman for the receivers, said it was premature to talk of the sale being "a done deal" because contracts had not yet been signed. But he admitted Wade, based in Nottingham, was the preferred bidder and the sale was going through smoothly.

"We are working with them to effect this acquisition," he added. "The plan is to do it as rapidly as possible. We have an agreement in principle and there's no reason to believe it's going to go wrong. It's very good news. It saves a great deal of jobs. Hopefully it's now onward and upward to a brighter future."

Council leader Alan Davies said: "Wade is making a substantial investment in Pendle and its workforce, an investment that will preserve the 300 jobs that remain there. This is another example of the growing confidence in the area and its people."

Coun Davies added: "It's very pleasing the jobs that remain will be preserved. We will be meeting the company as soon as possible to ask about the longer term plans for Buoyant.

"I understand Wade is higher up the market than Buoyant. It may be it wants to diversify or it could be that the company wants to bring Buoyant up-market." Councillor Azhar Ali, leader of the Labour group on Pendle Council, said: "This is splendid news. I am grateful to Gordon Prentice, Lancashire Enterprises and Pendle Council for all the hard work they have done in conjunction with the receivers to secure hundreds of jobs in Pendle."

Buoyant Upholstery, its parent company Moorfield Holdings, and another subsidiary company Oakland Fairfax Furniture, of Derbyshire, went into receivership on February 9 because of severe cash flow problems brought on by a steep decline in demand.

The next day 150 of the 450 staff at Nelson were made redundant but Buoyant carried on trading as a national search went ahead to contact potential buyers.

Wade is also buying Oakland and a third subsidiary, Cintique, of London, which did not go into receivership, but not the parent group. No-one was available at Wade to comment.

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