Nottingham-based Doff were on the brink of administration, with debts of more than £6 million, when 151 Products agreed to purchase the business and provide new investment on condition that banks and creditors approved the plan.

Under the terms of a CVA (Company Voluntary Arrangement) agreed by more than 95 per cent of trade creditors this week, unsecured creditors, who account for around half of Doff's debts, will receive a proportion of their debts, understood to be 20p in the pound.

The new ownership means Doff’s suppliers can now obtain credit insurance again. 151 have also made £1m available so that Doff can keep trading. 

151 Products MD Richard Shonn says customers have been reassured that the restructuring process will not affect Doff’s ability to supply. “151’s offer of trade finance and additional investment in the company has maintained supplies to the business and we are operating on a business-as-usual basis,” he said.