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P W Greenhalgh, Newhey

The Administrators of P W Greenhalgh & Co Limited, based in Newhey, have completed the sale of the business and certain assets to Redwood Group Holdings Limited.

Kerry Bailey and Matthew Tait, restructuring partners from accountancy firm BDO LLP, who were appointed Joint Administrators of the long established textile finishing specialist say the sale of the business as a going concern has preserved the employment of all 81 members of staff.

Ms Bailey commented: “Following five weeks of marketing and trading the business, a sale as a going concern was successfully secured to Redwood Holdings Group Limited.

"All staff have transferred across to the buyer, which is an excellent outcome. The buyer is keen to invest in the business going forward securing the longer-term future and viability of the business”.

John Atherton, from Redwood Group Holdings Limited, commented: “We are excited to add PWG to the extensive textile expertise held within the Redwood Group, which includes Edmund Bell who are a leading global supplier of interior furnishings, including curtain linings and blackout fabrics which is a specialist area for PWG. Edmund Bell has been a customer of PWG for many years and this allows us to secure our local supply chain. This will provide Edmund Bell greater control in product development, service and quality; only further benefitting our domestic and international customers. We are also pleased to have secured PWG’s skilled workforce, who’s breadth of knowledge will be a great asset to the group.”

The Administrators were advised by DWF LLP. Redwood Group Holdings Limited were advised by Grant Thornton UK LLP and Hill Dickinson LLP.