EMPLOYEES and creditors of air conditioning component manufacturer Royair received welcome news last month as the Hontion-based company came out of administration.
The company has been handed back to director Peter Reid and Royairs managment after reaching company voluntary arrangement (CVA) with its creditors.
Ian Walker, at the administrators Begbies Traynor commented: 'The administration gave management the breathing space to embark on a major re-structuring programme while enabling business to continue, and leading eventually to a position where in our view a sound and viable business could be handed back. It really is a win-win outcome, since creditors will be paid under this arrangement, jobs have been saved, and the company is in good shape to continue fulfilling a healthy order book.'
After some early redundancies, management and administrators have succeeded in saving more than 25 jobs.
Established in 1967, Royair is a leading producer of grilles, louvres and diffusers. Its move into administration was blamed on cheap imports, low profit margins and cash-flow problems.
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