Eastbourne-based networking reseller Triple S has been saved from the official receiver following a last-minute creditors? meeting.
A creditor?s voluntary arrangement was agreed at a meeting on 13 February. It will give Triple S a protected period of three years to continue trading and to accrue funds to repay some of its debts.
The company has had to shed around half its staff.
Gavin McGuire, Triple S MD, said: ?As soon as we started having trouble we let everyone know what was going on. It?s all too easy to let a company fold when things get tough, but I believe ours to be a viable company and I am going to work through all this to make sure our creditors get paid.?
Triple S posted year end results for the period ending 31 March 1996 showing turnover of #2.8 million and operating profit of #77,000.
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