Ilford works ‘rescued’ in management buy-out
Published on: 08 Aug 2013 14:42 CET
Staff at the photographic products plant learnt on Thursday that the company has been bought out by two managers, the Fribourg paper La Liberté reported.
It said CEO Paul Willems and finance director Jean Marc Métrailler had bought the firm, along with the property company that owns the Ilford building, from British investors Paradigm Global Partners.
“We want to use the property firm’s resources to help Ilford Imaging Switzerland, which is currently in great difficulty,” Métrailler told the paper.
Unable to pay salaries in July, the firm was facing bankruptcy with the loss of all 220 jobs.
A cantonal tribunal has until August 19th to make an official bankruptcy ruling. It has been informed of the latest development.
The company told its staff at the end of July they would have to find new jobs after the hunt for a new investor proved unsuccessful, the Swiss news agency SDA reported at the time.
The former subsidiary of chemicals concern Ciba has been in financial difficulty since British investor Paradigm Global Partners ended its involvement on July 1st.