STONEHOUSE based Bespoke Kitchens, which looked set to become the latest victim of the credit crunch, has been salvaged following a last minute management buyout.

Debt problems forced the firm into administration on November, 7, resulting in the loss of 30 jobs and leaving at least 20 customers with incomplete kitchens.

A London based administrator was in talks with a number of other businesses regarding a take-over, but a management team of two from the company was able to complete the deal when the remaining bidders dropped out.

The firm, which now trades as The Cotswold Kitchen Company, will reopen for business on Monday, November 24, under the joint ownership of former production director Brian Burt, and former consultant Mike Belsey.

“We are starting back in a modest way with seven of the old staff, but we have a lot of work to do between now and Christmas to re-establish ourselves,” said Brian.

“This year was a difficult one, and downsizing had to take place to combat low sales. The final crunch came when we suffered a bad debt after a London property company we had been working with for the past seven years went into receivership.

“Also, the company had not fully recovered from being closed for two months last year as a result of the floods.

“We hope to start retailing again in the new year, but right now we doing all we can to help our existing customers and get their kitchens completed.

“If things go well hopefully we can create some opportunities for taking on more staff in the future.”