Partner Article

North East firm swoops for window company

A TYNESIDE reinforced glass specialist has reportedly rescued a Lancashire-based window firm from administration.

Newcastle’s Millfield Group has bought Darwen-based Octaveward for £90,000 via administrators Zolfo Cooper.

The company fell into administration owing creditors more than £500,000 and reportedly struggled to overcome the effects of a fire which occurred at its Balle Street factory in November 2008.

Zolfo Cooper was called in in March and it is understood immediately laid off 65 staff keeping eight employees on to complete a few existing orders over the next fortnight.

Millfield Group has agreed to pay £56,000 for the plant and equipment, £33,797 for the stock and £3 for the contracts, IP and commercial information.

This was posted in Bdaily's Members' News section by Ruth Mitchell .