Luxury furniture maker Smallbone of Devizes has been rescued from going under after finding a new buyer to help save the brand.
US investor Sapphire 700 has bought the company’s parent Canburg, which also owns Mark Wilkinson Furniture and Brookmans.
The deal helps save 260 jobs in the three brands, and keeps production in Devizes, Wiltshire, and customers can still expect to get their orders, Canburg said.
“We would like to thank our customers, suppliers and staff for their recent support and are focused on working with our new American partners as we continue production to fulfil the order book,” executive chairman Ian Gray said.
Last week Canburg filed a notice to appoint accounting firm Grant Thornton as an administrator.
The company, which made a £1.9m profit in 2016 according to filings with Companies House, has been in trouble for some time, sources told Sky News last week. It has faced store closures, and was late filing its latest accounts earlier in the month.
Chief executive Leo Caplan stepped away in September, to be replaced by Ian Gray.
Claire Perry, MP for the Devizes constituency said: “Smallbone of Devizes, Mark Wilkinson Furniture and Brookmans are heritage brands synonymous with Devizes.
“I am delighted that the jobs of Canburg’s many employees are secure and that production will continue here in Devizes as it has done for many years.”
Smallbone produces custom-made luxury kitchens, as well as fitting out the rest of the house.
Since opening in 1975 the brand has gone on to work on projects including the One 57 skyscraper, among the tallest buildings in Manhattan.