PARTS of a historic Padiham company which went into administration last month have been saved.
Administrators Mr Paul Flint and Mr Brian Green, from KPMG’s restructuring practice, have announced they have sold some of the key assets of Samuel Cooke & Co. to Cooke Fuels & Lubricants Ltd, a newly-formed subsidiary of Crown Oil.
Samuel Cooke & Co., an independent distributor of fuels and lubricants to the residential and commercial markets, went into administration on July 23rd with the loss of 86 jobs across two sites in Padiham and Barrowford.
Mr Flint, associate partner at KPMG and joint administrator, said: “Following a large amount of interest expressed in the assets of the business, we are delighted to have concluded the swift sale of the customer list and intellectual property to Cooke Fuels & Lubricants, particularly as the deal ensures there has been minimum disruption to the supply of services to Samuel Cooke’s customers.
“We continue to seek buyers for the remaining assets of Samuel Cooke & Co Ltd, including the company’s property and vehicle fleet, while we conduct a wind-down of the business.”
The original company was founded in 1845 and grew to be one of the largest independently-owned fuel distributors.