A YORKSHIRE business recovery specialist has secured the future of a historic horticultural supplier to the UK and Europe – saving more than 30 jobs.
The Harrogate office of Walsh Taylor was appointed to manage the affairs, business and property of LBS Worldwide Ltd – headquartered in Colne, Lancashire – after it went into administration on October 16.
The family firm has been a leading name in the horticultural and landscaping sectors for almost 50 years.
Under the stewardship of Walsh Taylor, the company was able to continue trading while in administration, thanks to an injection of funds from an individual investor.
As a result of that financial backing, and support from creditors, the future of the business has now been safeguarded.
Mary Taylor, Director of Walsh Taylor, said today: “LBS Worldwide Ltd is a company that has been within the family since inception, and has always had a very good reputation within the industry – both here in the UK and overseas.”
“Naturally, this has been a very distressing time for everyone connected to the company, which for many years has valued its long-standing relationships with its customers and suppliers.”
“With te injection of funds from the investor, wedded to continued support of all creditors, there is no reason why the company cannot continue to trade for many years.”
She added: “Our objective is always to find the most positive solution for firms and individuals facing financial difficulties, and we are pleased to have achieved that once again here.”
LBS Worldwide Ltd will exit administration via a Company Voluntary Arrangement (CVA).
This was the only possible option for the company to trade on retaining its legal identity – saving 34 jobs and maximising a return to creditors.
Over 90% of supplier creditors have so far indicated their ongoing support and desire to see the company continuing trading and have offered their backing.
It is hoped that finance creditors will also see the benefit of supporting the company through this difficult time.
Walsh Taylor operates out of offices in Harrogate, Leeds, Bradford and Darlington and covers the whole of the North of England, drawing upon more than 100 years of combined expertise among its team of insolvency practitioners.