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Administrators from business advisory firm Quantuma have sold Salford-based cleaning products supplier Curer-Chem Limited out of administration, saving all jobs.
The firm’s managing directors, Frank Ofonagoro and Jeremy Woodside, were appointed as joint administrators of the cleaning products supplier on 14 February and shortly afterwards completed a sale of the business.
Curer-Chem Limited was established in 1984 and specialised in the supply of cleaning products and PPE to multiple sectors including NHS, education and health care. The business operates from a site in Salford, Manchester, employing 10 members of staff in total.
The business had been historically profitable but following a leveraged buyout in June 2021, the company was unable to generate sufficient cash to service its increased debt burden, which ultimately led to the board of directors resolving to put the company into administration.
Ofonagoro said: “Curer-Chem Limited is a long-standing cleaning products business which has unfortunately suffered from the difficult trading conditions currently facing many UK SMEs.
“These conditions have limited the company’s ability to grow its profits, and crucially, generate sufficient free cash to enable it to continue to service debt used to acquire it in 2021.”
He added: “The joint administrators are delighted to have been able to secure the future of the business in Salford, and save the jobs and livelihood of all the company’s employees.”
