Oxfordshire furniture manufacturer Corndell Furniture Company Ltd has been sold out of administration, securing 84 jobs.
The company entered administration last month, having exhausting both its working capital facilities and credit lines with key suppliers, leading the board to place the company into administration.
As a result, 31 of the company’s 115 staff were made redundant.
Geoffrey Rowley and Jason Baker of FRP Advisory were appointed as joint administrators to the company on 24 June.
A sale of the business and assets of Corndell Furniture to a newly formed holding company, Corndell Quality Furniture Limited, has been confirmed by administrators.
Rowley, partner at FRP Advisory, said: “We are delighted to confirm the sale of the business and assets to Corndell Quality Furniture Limited, safeguarding all 84 jobs retained during an intensive three week administration process. This is great news for the business, staff, the local economy and the wider furniture industry.
“Since our appointment on 24th June it has been possible to continue to trade the business and meet ongoing customer demand. That process has been possible with the support and assistance of the workforce, suppliers and customers for which we are grateful.
“During the course of the administration we were able to actively market the business for sale and engaged with numerous interested parties.
“We proceeded with an offer from Corndell Quality which is backed by two of the largest suppliers to Corndell. Whilst the suppliers in question suffered their own losses due to the failure of Corndell Furniture, they recognise the underlying value in the business and were keen to invest to take the ongoing business forward.”