Mailway takes pre-pack route after cash flow crisis
Richard Bramma and Tim Lees bought the assets of Mailway Packaging Solutions which they said safeguards the future of the business and 230 full-time jobs.
Mr Bramma, chief executive of the new company, said: "Mailway has a large workforce, an excellent customer and supplier base, and tremendous future prospects and we simply couldn't bear to see it collapse." New funders will be providing a 1.7m working capital facility, said the company, which hopes to continue working with as many of its suppliers as possible.
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Hide AdThe directors declined to discuss how much debt was wiped out by the pre-pack or how many creditors were left out of pocket.
Mr Bramma said: "We have fully explained and apologised for the situation to our customers, suppliers and other stakeholders, and they know it didn't occur due to any mismanagement on our part."