The jobs of 15 staff at troubled lighting company Riegens Lighting Ltd have been saved with the transfer of part of the company's business and assets to a new owner.
The new owner, Riegens UK Ltd is a subsidiary of Riegens A/S, based in Odense, Denmark. Its chief executive officer Claus Jensen said it is important the company retains a presence in the UK.?"This sale provides us with the opportunity to restructure and reinforce the business operations in the UK with a strong product programme that highlights our many years of experience and lighting expertise."
All of the jobs retained at the Essex-based company are within sales and sales support.
Riegens Lighting recently supplied the luminaires for the baggage hall at Edinburgh Airport
Riegens Lighting Ltd went into administration on 5 August following a series of financial losses. Insolvency specialist FRP Advisory was appointed to handle the administration, during which the company has continued to act as a going concern.
Commenting on the sale Jason Baker, joint administrator and partner at FRP Advisory, said: "Riegens is an established and respected luminaire manufacturer and while interest was received from potential purchasers it was not possible to secure a buyer for the whole of Riegens Lighting to safeguard the whole of the company's business.
"The sale to Riegens UK Limited does however preserve the jobs of some staff members and represents the best outcome for creditors to Riegens Lighting."
