Published: 5th February 2016
A company based at Salford’s MediaCity business area in Greater Manchester has entered liquidation after suffering from the loss of a key contract and a withdrawal of financial support.
In a recent statement, Bright Future’s chief executive Eudie Thompson confirmed the liquidation, which has seen 300 members of the software firm’s workforce lose their jobs.
“The retraction of a major equity prospect and the loss of a large contract in quick succession severely impacted our cashflow and led to us regretfully putting the company into liquidation,” she said.
Essential to the way in which Bright Future functioned was as a provider of apprenticeship opportunities which gave young people a chance to gain both education and work experience.
More than 200 people successfully completed development apprenticeships at the company but financial sustainability ultimately proved elusive for the organisation.
The hope for Bright Future had been that it would be able to compete with providers of similar software-related services in Asia by paying its young apprentice employees close to the minimum wage allowed by law in the UK which is £3.30 per hour for anyone aged between 16 and 18.
“The idea underpinning Bright Future was unique,” said Ms Thompson. “Unfortunately, delivering long-term sustainability proved unattainable.”
Bright Future received £5 million in government grants and loans in support of its activities geared towards the training of young men and women. The amounts that were given as loans are yet to be paid back having been issued in 2014.
There has been some better news for those affected by Bright Future’s entry into liquidation in recent days with a website hosting company called UKFast offering to hire some of the redundant staff to new roles and committing to take on some of its former apprentices.
“We’re doing our bit to look after these people who have had the rug pulled from under them,” said local entrepreneur and UKFast boss Lawrence Jones.
“I’m committing to taking on 40-50 apprentices,” he said. “But we’re offering all of them guidance, careers advice and a helping hand so they can recover from this. We will pay for psychometric profiling to discover their strengths and to help them work out the direction they need to go in.” Real Business Rescue provide director advice online, over the phone, or in-person at one of our 78 UK offices or a place of your convenience.