60 jobs saved as Leeds insolvency practitioner manufactures rescue deal for office furniture business

PKF Geoffrey Martin & Co, the Leeds-based insolvency practitioner, has played a major role in saving 60 jobs at an Oxfordshire furniture makers that was placed into administration.

Established 30 years ago, Tangent Office Furniture Ltd reported a turnover of £6.3m in the year to June 2016.

However, the cash flow of the business was heavily impacted by recent poor market conditions, as well as a large bad debt of £120k.

A trade buyer has been sought for the business over the last few weeks, but no buyer emerged.

James Sleight and John Twizell from PKF Geoffrey Martin & Co’s Leeds office were appointed as joint administrators on May 30th.

Current members of the management team put together a bid for the company and the administrators subsequently sold the company to the management team. As a result, none of the 60 jobs were lost during the administration process.

James Sleight from PKF Geoffrey Martin & Co said: “Due to recent poor trading conditions and a large bad debt, Tangent Office Furniture Ltd was put up for sale and no trade buyer was found”

“Having been appointed as administrators, we were pleased to have helped the management team complete the purchase of the company and especially pleased to have secured all the jobs within the business”.

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