Takeover saves 57 jobs at one of oldest firms
THE immediate future of one of Rochdale’s oldest companies has been secured after it was bought out of administration.
A total of 57 jobs have been saved at TBA Textiles after it was taken over by Littleboroughbased The Fothergill Group.
TBA Textiles, which was established more than 120 years ago, entered administration on May 30 after experiencing cash-flow difficulties. Administrators said the company has experienced unsustainable pressure on its cash flow, leaving it with no alternative other than to enter administration to allow the business to trade while seeking a more viable long-term future.
Ben Woolrych and Russell Cash of FRP Advisory were appointed joint administrators and the Gorrells Way firm, which manufactures high-performance technical textiles for the construction, marine and transportation industries, continued to trade until a buyer could be found.
TBA Textiles is based on the Transpennine Trading Estate on Gorrells Ways, off Queensway. Its most recent set of accounts, from 2015, show the company posted pre-tax losses of £376,887 on a turnover of £7.6m.
Mr Woolrych said: “We are pleased to have secured the future of TBA Textiles which is a great result for its staff and the wider Rochdale manufacturing community.
“Fothergill’s long history in the manufacture of high-quality, high-performance technical textiles makes a good fit for TBA Textiles and we wish the new owners all the best for the future.”
In September the Observer reported how TBA was planning to invest £700,000 in new technology and equipment, and return production to the UK, after it had previously outsourced part of its business to the Netherlands.
The firm said the investment would see 16 new jobs and two new apprenticeships created in Greater Manchester.
The Fothergill Group, which is also one of Rochdale’s oldest companies, having been formed in Littleborough in 1847, were contacted for a comment.