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Plant specialist bought out of administration

Date Added: 12/09/2013  

The immediate future of a plant specialist has been secured after the company was bought out of administration.

Yorkshire firm Aquaculture Hydroponics went into administration in July but has been rescued by a national operators, which means jobs are going to be saved as a result.

The company, which deals with growing plants in aquatic based, soilless environments, has now been purchased by GroWell Hydroponics Group, which has a head office in Warwick.

It is believed that five jobs are being saved as a result of the deal, although ten members of staff at the company have already been made redundant in the last few months.

Aquaculture Hydroponics previously operated from premises in Sheffield, Barnsley and Ripley, but the latter two locations were closed down by the organisation in a bid to save funds.

According to a report by the Yorkshire Post, the Sheffield site of Aquaculture Hydroponics is now set to be GroWell Hydroponics Group's first move into the northern county.

GroWell Hydroponics has a reputation as one of the leading suppliers of hydroponics and indoor gardening equipment. It has seven shops across the country and the buyout of Aquaculture Hydroponics marks an ambitious expansion plan for the firm.

The insolvency practitioner involved in the deal between the two companies said: "Barclays was the main lender and debenture holder throughout this process. In agreeing to the business restructure the bank suffered a financial loss, but their actions helped save five jobs."

Finance from Barclays also provided support to an award-winning family-owned company from Melton recently. Hallmark Consumer Services, which is an innovative direct mail solutions provider, will move to a new headquarters, warehouse and depot using the money provided by the bank.

Hallmark managing director Chris Hall told the Melton Times that a loan in excess of £1 million from Barclays - which was provided by the Funding for Lending Scheme - allowed it to pay £1.7 million for its new facility.

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Posted by Michael Beam

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