MORE than 50 jobs have been saved at a Bolton employment agency which ran into cashflow trouble.

Workers at Moorford Consultancy faced an uncertain future when the firm became insolvent at the beginning of the year.

The company, which specialises in providing security and labourers for the construction industry, was under fierce competition from rival agencies, and had been under-priced out of contracts.

The firm, in Cecil Street, The Haulgh, which has been operating for about 10 years, also had to pay its employees while waiting for payment on existing contracts themselves.

The firm, which now trades under the name Moorford Security Services, called in accountants and business advisers Mazar, which has offices across the UK, to help to restructure the company and bought back its assets.

Managing director Francis Cole, who took over the company late last year, oversaw the restructuring.

He said: "Since taking over the business late last year, I have worked with advisors to put it back on a sound financial footing and secure the jobs of our staff.

"I am delighted with the success we have achieved and I would like to thank everyone from senior management to individual workers and our advisors Mazars, for the support we have received."

Tim Askham, an insolvency partner at Mazars, said: "Moorford operates in a highly competitive sector were there is a risk of underpricing contracts, and where cashflow can be a real problem since companies must continue to pay workers' wages while waiting to get paid themselves.

"It shows that companies facing insolvency can sometimes successfully restructure, particularly if they call in professional advisers at an early stage," Mr Askham added.