Multiple jobs saved following rescue deal

Multiple jobs have been safeguarded after a property consultancy firm in the East Midlands has been bought out of administration, a recent news report in the local business media has been able to reveal.

The Derby branch of Salloway, who also operates branches in Nottingham and Burton-upon-Trent, went under administration in on 23 July 2015 after suffering a "prolonged" decline in turnover, resulting in financial pressure. After exhausting working capital facilities, directors called in administrators.

After being put up for sale, the firm was ultimately acquired by Salloway Property Consultants Ltd, saving eight jobs.

Nathan Jones of insolvency firm FRP Advisory, who handled the sale, said: "We are delighted to have completed the sale, ensuring Salloway can continue to operate in Derby and provide its range of property services to a loyal customer base.

"The sale to Salloway Property Consultants represented the best long term solution and secured all eight jobs associated with the Derby business and we wish them the very best under the new ownership structure."

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