A Yorkshire-based specialist hydroponics product retailer has been bought out of administration.
Aquaculture Limited, trading as Aquaculture Hydroponics, entered administration on 11 July 2013, with Robert Dymond and Lisa Jane Hogg of Wilson Field appointed as joint administrators.
Before being placed into administration, the company closed its Barnsley and Ripley sites, leaving only the Sheffield facility open.
Following a restructuring of Aquaculture Hydroponics’ management, the company was sold to GroWell Hydroponics Group, a national supplier with seven UK stores.
Dymond said: “Following the closure of the Barnsley and Ripley premises, before Wilson Field were appointed, there was a definite possibility the Sheffield site would close too, which would have resulted in the loss of five jobs.
“However, the company did have a long-standing reputation for selling specialist hydroponic products whilst also operating as a manufacturer and developer of plant nutrient and stimulant mixtures.
“Working with them throughout the administration process has allowed us to restructure its operations and oversee the purchase of the company’s assets, meaning the Sheffield site can remain open under the GroWell Hydroponics group of stores.
“Barclays was the main lender and debenture holder throughout this process. In agreeing to the business restructure the bank suffered a financial loss, but their actions helped save five jobs.”
Gillian Pastuch, a solicitor from Irwin Mitchell’s recoveries team, which advised administrators during the sale, said: “We are very pleased to have had a role both in saving the business of the company and in saving a number of local jobs.
“We wish the GroWell Hydroponics Group great success with the future of the Sheffield store.”