Sheffield-based furniture manufacturer and upholsterer Ancio Interiors Limited has been acquired by new start-up Designer Recliners Limited, saving all 11 jobs.
Ancio, which was founded by Nick Wall in 2002 and is based on Orgreave Crescent at Orgreave Industrial Estate, suffered cash flow problems and had issues with profitability, resulting in the company going into liquation on 8 June 2016.
Andy Wood and Robert Dymond, from Wilson Field, were appointed as joint liquidators, where they advised the sale of the 14-year-old business as a going concern.
Nick Wall launched Designer Recliners Limited and purchased all the assets and business of Anico, with a streamlined approach, offering a smaller, more specialised range of products.
Andy Wood, associate director and insolvency practitioner at Wilson Field, said: "Historically, the company offered a wide range of products but has now streamlined its offer to customers and cut out some unprofitable lines, as well as re-vamped its web site.
"Directors took advice from Wilson Field with the business sold to new company Designer Recliners Limited as a going concern, safeguarding all 11 employees’ jobs. The new company will offer the same service and standards under the same management team but focus on a smaller range of specialised products."