BusinessBusiness RecoveryPre-pack rescue for pattern book maker

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
failed.

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
administration.”

Further reading:

Peugeot dealership company goes bust

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