Chesterfield-based leather manufacturer Clayton and Sons has been bought out of administration by its former finance director, Drapers understands.
Clayton and Sons, which produces leather for footwear and accessories brands, appointed Emily Ball and John Lowe of FRP Advisory LLP as administrators on 20 September.
The manufacturer is part of Clayton Leather Group, which has been trading for 178 years. The administrators said Clayton and Sons entered administration “after suffering a significant fall in turnover due to loss of orders and customers”.
All 26 staff were made redundant.
Clayton and Sons has now relaunched under the name Spire Leather Company, sources told Drapers.
Spire was incorporated last month and acquired Clayton and Sons’ assets. Former Clayton and Sons finance director Peter Bird is listed as director.
Ball and Lowe were also appointed joint administrators of fellow Clayton Leather Group firm J & E Segwick & Co, which manufactures bridle leather, on 4 October. It has retained 12 of its 40 staff.