A family-owned maker of tags and tassels has been plucked from administration after a buyer was found, saving nine jobs.

Almon Laces had been trading for more than 40 years but ran into difficulties when it faced “unsustainable pressure on its cash flow”.

Bosses called in administrators last month and put the New Romney-based firm up for sale, attracting a number of bidders.

The business was sold as a going concern to an unconnected third party, securing the jobs for all nine staff.

Chris Stevens, partner and joint administrator at FRP Advisory, said: “A sale out of administration provided the best long-term solution for the Almon Laces business as a going concern securing jobs under a new ownership structure.

“A sale of the business secures the future for a Kent business with over 40 years of tradition, serving a loyal set of customers across the wholesale market with products ranging from tags to carry handles, loops, bows, ribbons and elastics.”

Almon Laces was awarded a £9,999 interest-free loan last year from the Marsh Million loan scheme funded by Magnox, Kent County Council, Shepway District Council and Ashford Borough Council.

It wanted to used the money to buy and install machinery to produce plastic mouldings onto cords to increase output and kick start expansion.

It said the cash would help it create one job.