A BOLTON manufacturing business has been sold by its founder - for the second time in five years.

Derek Halliwell sold his Atherton-based company, DJ Fabrications Ltd, for an undisclosed sum to London-based Cole Holdings. Mr Halliwell had come out of retirement to save the company when his original purchaser folded.

The business specialises in the manufacture of water tanks for utility companies.

Mr Halliwell founded it in 1985, selling up in 1998 to enjoy an early retirement.

But the engineering group which purchased the business went into liquidation soon after the acquisition, so Mr Halliwell bought the business back, securing the jobs of 30 employees.

He said: "I was looking forward to some free time when I sold the business five years ago.

"But when I found out it was in trouble because of the new parent company, there was no way I could stand by and let it collapse, leaving loyal employees out of a job.

"The second time it was obviously very important to choose the purchaser carefully, as I have made a commitment both to the business and everyone who works there."

Emma Hargreaves is corporate finance manager of Jackson Stephen, the Manchester accountants who structured the deal.

She said: "We are delighted to have completed this disposal, as DJ Fabrications has been a long-standing audit client of the firm.

"We worked closely with Derek to find the right purchaser to secure the future of the business and its employees. Hopefully this will give Derek the peace of mind to plan for his retirement - again!"