INSOLVENCY expert David Wilton was this week seeking a buyer for a Congleton firm which collapsed with multi-million pound debts.

Mr Wilton announced 85 job losses at fitness equipment makers Pulse Fitness the day after he was appointed to run the business.

The redundancies were sparked by a lack of cash to pay the wages of Pulse's workforce, and were announced the same day workers were due to receive their monthly pay.

Pulse went into administration on Friday, and accountants Pricewaterhouse Coopers have been given three months to draw up a rescue package.

Pulse employed 133 people, and the redundancies have been split between staff and workers at its factory on the Greenfield Farm estate in Congleton and warehouse in Biddulph.

"I was appointed on Thursday afternoon, and announced the redundancies on Friday morning,'' said Mr Wilton.

"There is no good time for something like this, but the company did not have the funds to retain its workforce.

"We were faced with a regrettable decision, but one over which we had no choice.

"I think a lot of the employees had recognised there were difficulties with the business.

"I now have three months to go before the creditors with proposals, and I hope the company proves to be an attractive proposition with an investor or purchaser.''

Pulse Fitness was formed in 1989, and had a turnover of £10 million for the 10 months to December 1997.

However its liabilites at the end of last year were almost as great, totalling £7.8 million.

"While turnover has grown significantly over the last three years the manufacturing operation struggled to turn the growth into profits,'' said Mr Wilton.

"This has led to a cash flow crisis, which made it necessary to make significant redundancies.

"Our objectives are to find a suitable investor or purchaser, or to reconstruct the company through a voluntary arrangement with creditors.

"By these means we hope to resolve the company's difficulties and allow it to continue as a going concern.''

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