In a big development, more than 60 jobs have been saved from termination at Northamptonshire- based Roma Leather Collection Limited after it took the decision to enter into administration.
Joint Administrators Steven Stokes and Miles Needham, business advisory firm FRP Advisory LLP, with the assistance of their lawyers Squire Patton Boggs (UK) LLP managed to procure the sale of the business and its assets to an independent third party, Roma Leather Limited (RLL) which is supported by a private equity house, SKG Capital. RLL after this incidence would still continue to trade from their existing site in Naseby. All the new employees would get transfer to different sections of the new business.
These business manufacturers are into the business of manufacturing and selling of high quality of leather belts to national and international retailers. The company landed itself in financial crises after relocation of its premises that absorbed a large amount of capital and disrupted the production of the goods making cash flow difficult.
Joint Administrator Steven Stokes said: “This was a positive outcome for all concerned. By securing a going concern sale we have not only been able to maximize realizations for company creditors but also limited disruption to customers, and with a solution that secures the employment of all company staff.”