THE district’s oldest established window and conservatory supplier has been forced to do a deal with creditors in order to clear its debts.
House of Anderson, based in Thornton Road in Morecambe, is seeking to agree a Company Voluntary Arrangement (CVA) after running into cash flow problems.
The company has appointed London-based David Rubin & Partners to negotiate terms with firms owed money.
Director Paul Lusted said the business, which dates back to 1905, would continue trading and was still paying the wages of its 30 staff.
Mr Lusted added: “What’s led up to this is the way the economy has turned very recently and the fact that we, to a certain extent, have bucked that trend and gone into growth. We haven’t had the assets to finance that growth in the way we would have liked to.
“It has left us with a cash flow problem which we are now trying to restructure and get around. We continue to trade and to honour our warranties to customers and we continue to take new orders. “This is a rescheduling of payments to our creditors to put us on a much more sound financial footing. It doesn’t affect customers at all.”
See the Lancaster Guardian (22-09-11) for full story.