A SUCCESSFUL management buy-out at a Wycombe furniture company has meant none of the 90 jobs at the firm will be lost following the collapse of its parent company.
A SUCCESSFUL management buy-out at a Wycombe furniture company has meant none of the 90 jobs at the firm will be lost following the collapse of its parent company.
Workers at Joynson Holland in Abercromby Avenue, High Wycombe, feared for the future when LPK (JH) Ltd went into administrative receivership on August 11.
But that fear has now receded following the sale of the Joynson Holland division by receivers Deloitte and Touche to Neil Brown and Ian MacGuffog, owners of upholstery business Highly Sprung Ltd in Oakridge Road and site director at Joynson Holland, Tony Springell, who takes over as managing director.
The new company started trading as a separate business on last Thursday.
Mr Springell said: 'This is an excellent result. The company is staying in the hands of people with furniture experience and jobs are not under threat. It is a very exciting time for us.'
Derek Addision, regional organiser of the GMB Union which has around 70 members at Joynson Holland said he was delighted that his members' jobs are secured. He said: 'I am pleased the two companies will remain in business in High Wycombe.'
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