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300 jobs saved at photo firm

Chris Barry
21/ 2/2005

OVER three hundred jobs were saved today when historic Cheshire photographic products company Ilford was bought by its bosses.

The 125-year-old company had been in receivership since last August after a huge fall in sales and mounting losses, mainly due to the rise in popularity of digital technology.

Three hundred people were made redundant weeks after the firm was placed in the hands of receivers from Grant Thornton.

This stabilised the business and the sale process began with several suitors showing interest.

Today it was confirmed that the management team, led by Phil Harris, had been triumphant and the remaining 380 jobs were saved.

Significant

The company will be renamed ILFORD Photo. The management team has paid a "significant" undisclosed sum for the ongoing business. As part of the deal the Mobberley site has been sold, and is being leased back from its new owner.

Based in Mobberley, near Knutsford, Ilford's main business is making traditional monochrome photographic products, a market in which it is a world leader.

Les Ross of Grant Thornton commented: "I am delighted to have concluded the sale of the business, successfully preserving some 380 jobs and ensuring that the business continues at Mobberley.

"The monochrome photographic market has been under considerable pressure due to the introduction of digital photography, and we have had to re-shape the business during the receivership, including making significant redundancies, in order to achieve this sale."

Phil Harris said: "We have worked on this project for many months and dealt with the issues of running a business in receivership at the same time.

"In the process we have competed both against the threat of closure and many rival bidders. We have won the day thanks to the support and loyalty of our staff, customers, and suppliers." Law firm Halliwells advised the MBO team.


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Most recent 2 of 10 user comments

   I need them and they need me. I will make it clear with my purchases that I support them.
Richard Jefferson, Minneapolis, Minnesota USA
28/02/2006 at 15:10

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   What great news! At least there are still some business folks that realize that film still has a wide appeal. Even in this digital age, I know of several pros who went back to film for it's superior quality.
Marc, Los Angeles CA USA
23/02/2005 at 06:00

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