A KENT-based childcare company has taken steps to avoid going into liquidation, it has been revealed.

Next Friday (October 24) creditors of Academy childcare, which has nurseries at Eureka Park in Ashford, Kings Hill, near West Malling, Dartford and the Bluewater shopping centre, will vote on whether to accept a company voluntary agreement (CVA).

Bosses have pledged that staff have no need to fear for their jobs or wages and parents of children at the nurseries will not lose a penny as a result of the action.

A CVA is used to rescue companies which are insolvent but have a business that would be viable if they did not have old debts holding them back. About £1.2m will be pumped into the company over the coming months to kickstart it.

John Bradney is the new chief executive of Academy day nurseries and childcare limited, which has its headquarters at Turkey Court in Maidstone.

Mr Bradney, a former chartered accountant, said: "Creditors will attend a vote on the proposals. We expect them to say yes, because we have already spoken to the majority of creditors and shareholders. It's important to maintain and retain the goodwill of the customers and employees.

"All parents will receive their deposits without a penny deduction and all staff will receive their wages without a deduction."

A detailed plan has been put together to present to shareholders and creditors, on which they will vote at next Friday's meeting.

The plan has been circulated among interested parties since October 10. As well as the four Kent nurseries, Academy childcare has branches in Sussex, Suffolk, Lancashire and the West Midlands.

The company employs about 250 staff and cares for 1,200 children across the country.