Creditors of a struggling park homes manufacturer have agreed to allow the firm to be restructured to save jobs.
Tingdene homes, which has its headquarters in Wellingborough, called in business rescue specialists Marshman Price after it faced serious cash flow problems.
The firm employs about 140 people at its base on the Finedon Road Industrial Estate but the firm said last month that about 80 of those jobs could now be at risk. It needed to put together a rescue package to save the remainder of the jobs.
This morning a meeting of the creditors was called and they agreed to support the company voluntary arrangement drawn up for Tingdene.
CVA supervisor Gary Pettit of Marshman Price said: “The CVA is a means of restructuring the business, saving it and hopefully making it a better company going forward.
“There will be redundancies but the consultation is still under way so we cannot say how many at present.
“Our role has been to review the company’s affairs and advise them on the restructuring.
“The CVA was put to creditors and we needed the support of the majority of them to make it work.”
Tingdene coped well in the early stages of the recession but has struggled with cash flow more recently. It will now focus on a smaller production facility.