More than 250 jobs have been saved at a 115-year-old family firm in Canterbury which has been forced into administration.

Steel specialists John Parker & Sons found itself £8 million out of pocket after several construction firms failed to pay their bills.

Facing a cash-flow crisis, it left boss Guy Parker with no choice but to put the company into administration.

But a deal was reached late last week with a new investor to save the firm's business, which will be taken on by a newly-formed company trading under the name ParkerSteel Ltd, on the same site in Vauxhall Road, Canterbury.

"It's a huge relief for everyone, although there is still a lot of hard work to do," said Mr Parker whose great grandfather John Parker started the business with a ironmonger's shop in The Parade, Canterbury in 1904.

"It has been pretty stressful because I could see it coming down the tracks and was already looking for a new investor some months ago.

"It has also been worrying for the staff, many of whom are very long-serving, and I have had quite a few sleepless nights.

"So I was hugely relieved to tell them all their jobs are safe and have been transferred over to the new company under the TUPE regulations."

The new company is also retaining its depots, except its operation at Shoreham, which has been acquired by Barrett Steel, along with its 60 jobs.

John Parker and Sons remains in administration and will eventually be struck off with any of its assets going to its creditors.

Mr Parker says it is now "onwards and upwards" for the new business, which will inherit the existing 10,000 customers for its bespoke steel products, supplied to a wide variety of industries and services.

"We have some work to do to restore confidence because trading has been interrupted," said Mr Parker.

"And I can't say it's all rosy out there because Brexit has created such uncertainty, especially in the construction industry.

"But the business is still very viable and I believe we can get back on track to a £55 million turnover during the next year, growing to £75 million in the future and the opportunity to create more than 50 new jobs."

n What do you think? Email kentishgazette@thekmgroup.co.uk.

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