Herberts, in Haverhill, avoids liquidation and safeguards 80 jobs
A 265-year-old family-owned company in Haverhill has been saved from liquidation and the vast majority of its near 100-strong workforce retained.
Herbert Retail Ltd, which has been in Haverhill since 1968 but was first founded in London in 1760, went into administration in late June as it struggled to deal with what was described as the ‘unsustainable burden’ of a pension fund that it managed for retired employees.
Managing director Claire Herbert, who is the sixth generation of her family to run the company, explained how it went through a prepack administration process rather than liquidation, in order to save the majority of the 96 jobs it provides.
“We went through this process in order to deal with an unsustainable burden of the pension fund,” she said, before outlining how the administration arrangement helped save the company.
“The company couldn’t carry on in its current state. In order to avoid liquidation you put the company up for sale, but it doesn’t have to be the whole company, it could be parts of the company, so the family bought the majority of the company, but not all of it.”
She added: “Largely, we are still carrying on doing what we are doing.
“We saved 72 out of our 96 employees and brought back another eight.
“We had to do this. It was kind of a jump or be pushed scenario.”
The job losses mostly impacted the company’s sales team and installation engineers, most of whom are not based in Haverhill but travel around the country working with the retail clients.
Herbert Retail provides weighing and labelling solutions to the retail sector, including scanners, scales, electronic shelf labelling technology and checkout-free solutions.
It works with major supermarket brands including Sainsbury’s, Tesco, Marks & Spencer and the Co-op.
The company, which has one site, in Rookwood Way, Haverhill, is continuing to trade as Herbert Retail Ltd but now has a different company number.
Pensions are still being provided to the company’s former staff, added Claire, but through a new arrangement.