Harveys Dry Cleaners, with branches in Eaton, Wymondham, Attleborough and Sheringham, saved from liquidation
PUBLISHED: 17:39 01 August 2017 | UPDATED: 10:50 02 August 2017
A chain of dry cleaners has been saved after the company and its assets were bought out of liquidation.
Harveys Dry Cleaners, which has sites in Eaton, Wymondham, Attleborough and Sheringham, has been bought by JHR Norfolk Limited – a firm owned by the family of the company’s previous director.
It is understood the thirteen staff have had their jobs saved and the firm continued to operate during the liquidation process.
Administrator Jamie Playford, of Leading Corporate Recovery, said the deal was a better one for creditors than a previous agreement with JHR made by a different liquidator.
At its peak Harveys turned over £430,000, according to Mr Playford, but ran into trouble due to pressure from competition and changing customer habits.
Administrators were called in towards the end of 2015 and the firm was restructured, with two site closures and nine redundancies, and a company voluntary arrangement (CVA) to pay back £80,000 of tax liabilities was put in place.
However, the company fell behind on payments and entered liquidation in May this year.
The company had appointed a voluntary liquidator, who had originally arranged a sale to JHR, prior to Mr Playford’s appointment by the court due to the breach of the CVA.
Mr Playford said: “We have sold the company back to the directors’ family’s company.
“We got a better deal than was previously on the table and we got all of the money up front which is a better outcome for the creditors.”