Final fitting for Chamberlain Phipps

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The sale of the last part of Chamberlain Phipps, the shoes and materials maker which went bust last August, was completed by receivers Arthur Andersen yesterday via a management buy-in. The last sale saved 250 jobs in the UK. Receivers had already sold the footwear subsidiaries in the UK, US and Canada. Yesterday they sold the specialist materials business based in Leicester, Hong Kong, India and Canada to John Fallon and the rest of the existing management team for a "significant sum."

Murdoch McKillop said the complex international rescue operation had been completed with only 10 per cent redundancies. TSB Commercial is supplying pounds 2m in working capital to the new company, Chamberlain Phipps Commercial, which has plants in the Midlands, Yoevil and overseas.