So the management did a management buyout
to secure the continuation of trade and the job security.
The management buyout
has been led by finance director Luke Cartwright, managing director Maxine Jones and operations director Phil Walters who will continue to run the business.
Seabrook, which was formed in 1945 by Charles Brook and his son Colin, will continue to be led by chief executive Johnathan Bye, who led the management buyout
The largest management buyout
so far this year was of Rivo Software, a company which develops computer software in the West Midlands.
However, in December Glynn left the company after just a year following an attempted management buyout
There were many interested parties but they pulled gradually out, as a result of which a management buyout
remained the only option.
ACI benefitted from a management buyout
in 2003, when the current management team purchased the company.
The leader of the management buyout
team released a bullish statement on Friday insisting that LDV could be saved followed doubts earlier in the day that any buyout deal could be reached.
Intensive talks over the company's future which went on throughout the weekend failed to secure a breakthrough, but the leader of the management buyout
team said he was "hopeful" a solution would be found.
Erik Eberhardson, who is leading the management buyout
, said important steps would be taken over the next few days to ensure the success of the management buyout
, which has to take place to secure the funding of the business.
But the impact of aggressive debt pricing following the credit crunch was clear in the second half of 2007, with only one pounds 100m plus deal - the pounds 255m management buyout
of Wigan-based Ainscough Crane Hire.
Kaneda told a news conference that the management buyout
will also help strengthen the company's overseas operations.