old

MA Platt, a small contract leisure and office furniture maker serving corporate clients, has been sold back to its owner in a prepack deal that provides continuity and saves jobs.

 

The Accrington company's problems date back to 2016, when the now-owner Chris Heyes joined the board and discovered it owed substantial sums to HM Revenue & Customs.


A Time-to-Pay agreement with the tax man was subsequently agreed but it didn't prevent the company's eventual need to restructure this summer, after it was hit with a £50,000 bad debt in the spring.


The prepack sale was effected July 5 for £15,000, with MA Platts Online — a company set up last year under common stewardship — completing the takeover. The deal saves the jobs of the business' 26 employees, according to a report by administrator Cowgill Holloway.


HMRC was owed around £100,000 at the time of the takeover, with a similar sum owing to Skipton Business Finance, which has a charge against the company's debtor book from which it will recover all it is owed. There are no other substantial trade creditors.