Pre-pack rescue for pattern book maker
Failed attempt at time-to-pay tax help pushes P&J into administration
A pattern book manufacturer has been sold in a pre-pack administration,
saving 33 jobs, by administrators from Leonard Curtis.
Stockport-based manufacturer P&J (UK) entered administration after its
attempt to secure a time-to-pay arrangement with HM Revenue & Customs
Time-to-pay was introduced introduced by the government to enable smaller
business to reschedule their tax payments to help them through the recession.
Leonard Curtis’ insolvency experts sold P&J as a going concern to the
existing four directors trading as P&J (Manchester).
Kevin Murphy, director at Leonard Curtis, said: “The successful sale of P
&J to its directors and the transfer of the entire workforce to the new
business proves the potential benefits of a speedy transaction via a pre-pack