RF Webb saved after creditors agree rescue plan

A struggling Hampshire building firm owned by Southampton FC chairman Rupert Lowe looks to have been saved after creditors backed a turnaround plan.

The 76-year-old Eastleigh building services firm RF Webb had been plunged into trouble after the termination of a £4m contract at Portsmouth's Queen Alexandria Hospital.

It has already been forced to lay off 19 of its 53 workers, and faced administration or liquidation.

Howeever, at a meeting yesterday (Wednesday), 98% of its creditors voted in favour of RF Webb's appeal not to put it out of business, according to the Southern Daily Echo.

Financial director Paul Burt said: “We have got a number of contracts that we are currently negotiating and we are going to work hard to repay the faith shown in us by our suppliers and customers. We are hopeful that there should be no further job losses and I am optimistic that we can work through the current problems.”

Lowe Holdings, which has both Rupert Lowe and his father Patrick registered as directors, bought RF Webb for an undisclosed sum in 2005.