SOME job cuts are likely to be on the way following the planned selling-off of a business which has its headquarters in Clayton-le-Moors.
However, the majority of the 100-strong workforce at Gaskell Carpet Tiles are expected to keep their jobs if a proposed takeover by Low and Bonar gets the go-ahead.
The deal is worth £17m and affects employees based on the Clayton Park Estate and at Bamber Bridge.
Gaskell plc's group finance director Richard Hopkin said: "Low and Bonar is an established firm involved in similar product lines and it is buying a good, viable company.''
The money raised from the sale will be used to reduce spiralling debts which have hit Gaskells since its takeover of Kidderminster-based Tomkinsons Carpets four years ago.
The additional sell-off of the property Gaskells owns in Kidderminster is expected to bring in an additional £2.1m.
Mr Hopkin explained that some of the cash raised would be invested in Gaskell Carpets and Gaskell Textiles which between them employ around 400 people in Rishton and Clayton.
He said: "The sale will provide us with the money to ensure that future prospects are reasonably good for these two concerns.''
The firm's shareholders are to be asked to approve the deal at an extraordinary general meeting to be held at the Dunkenhalgh Hotel, Clayton, on Friday 14 February..
Over 50 per cent of votes are needed to secure the deal, and according to Gaskell's 25 per cent of shareholders are already in favour of the move.