Buyer could step in for long established Saffron Walden firm
PUBLISHED: 16:03 09 September 2011
Hopes were high this week that a struggling Saffron Walden furniture business could yet be saved.
Some 70 jobs have been at risk of redundancy at Pedley Furniture International Ltd since it went into administration in July.
However, Jason Baker, partner at specialist restricting, recovery and insolvency firm FRP Advisory LLP, and joint administrator, said: “Although Pedley has not yet been sold and is still in administration, we have given a company a temporary licence to run the business to fulfil its own orders. This company is interested in purchasing Pedley and there is hope from all sides that an acquisition can be completed, securing both jobs and the future of the business.”
Mr Baker said that “most employees will continue” during the licence period, although there has been “a need to make some redundancies” while a few employees have found other jobs.