KIRKBY office furniture group Dams International has been rescued from financial collapse by former management.
Managing director Chris Scott and Michelle Moore yesterday bought Dams back from the administrators.
The news comes less than a week after the firm was placed into administration.
Yesterday’s rescue means that 70 out of a total of 180 local jobs have been spared the axe.
In a statement last night the administrators said the joint administrators have completed a sale of the business and its assets to a team led by the former management.
The 70 saved jobs belong to staff based at Dams’ Knowsley furniture plant.
Paul Flint and Brian Green from KPMG Restructuring were appointed joint administrators to Dams International on 30 September. At that time they blamed the collapse on a failed foray into the logistics business.
Commentating on the appointment, Mr Flint, associate partner at KPMG Restructuring, said: “We are delighted to have been able to complete such a quick sale of Dams International, minimising disruption to both suppliers and customers. The management team were backed in this transaction by Venture Finance, who have been able to adopt a proactive approach in the current market place to facilitate this deal.”
