Buy-out secures jobs

May 14 2008 Evening Gazette

A MANAGEMENT buy-out has safeguarded the future of a North East company and its staff.

Ten jobs have been saved on the back of the deal which has seen MB Meat Express Ltd buy Meat Express Ltd at Newton Aycliffe.

Meat Express, which manufactured and supplied professed food throughout the North East from Aycliffe Industrial Park, went into administration last month.

Under new management the company will continue to operate from the same site.

Joint administrator Simon Lundy of the Newcastle office of Begbies Traynor, said the sale had secured the assets and business, preserving the employment of 10 people.

“The company was subject to substantial debts for both Corporate Tax and PAYE/National Insurance Contributions and the directors felt the company had no alternative but to seek the protection of administration under insolvency legislation.”