Frederick Hyde has announced that it is currently negotiating a takeover bid for Percussion Plus.
We reported earlier this week that the MI manufacturer had gone into administration after 30 years of trading.
Specialising in tuned percussion, drums and accessories, there was some worry that 20 jobs could be at risk.
Retailer and distributor Frederick Hyde has confirmed in a statement that it hopes to have the company “functioning smoothly” in a matter of days.
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“We are able to confirm that after experiencing some financial difficulties Percussion Plus Ltd was put into administration earlier this month,” reads the statement. “Frederick Hyde Ltd is currently negotiating a takeover bid for the business and assets and hopes to have the company functioning smoothly again in a matter of days.”
Managing director John Hughes-Chamberlain commented: “We have been a Percussion Plus customer for 25 years and share the company’s passion for music education.
“Their famous red instruments hold happy memories for so many and we will be delighted to have their extraordinary legacy continue with us.”
More information will be issued in the coming days. In the meantime, any trade enquiries should be directed to Tom & Will, the distribution arm of Frederick Hyde, on 01428 653381 or email@example.com