Nigel Fox and Stan Coltman, directors of RSM Tenon, were appointed as joint administrators of Hardy Fabrics, based in Poole, Dorset on March 1.

RSM Tenon managed to secure a swift sale of Hardy Fabrics to H&S Fabrics, which has resulted in the transfer of 20 employees to the new owners of the business.

Established in 1979, Hardy Fabrics traded as a wholesaler of fabrics and yarns to upholstery users, manufacturers and retailers. Recently the Company had encountered trading difficulties through the decline in the housing market and reduction of public spending on non essential goods as a result of the global recession.

Nigel Fox, director of recovery at RSM Tenon, said: “I am delighted to have achieved the sale of the Company’s business and assets as a going concern. In this current climate, achieving a sale so quickly after being appointed as administrators is a fantastic result, especially saving 20 jobs in the process.”

Jeremy Todd of H& SFabrics commented: "Our purchase of Hardy Fabrics fits very well with our other recent acquisition of Seamoor Fabrics, as it has brought together two well known South Coast textile businesses."