YESTERDAY the Lancashire Telegraph published a story regarding the winding up of four companies which formed part of the Store First storage business group.

The story we published was based on a public statement released by the Insolvency Service. It included comments from Scott Crighton, the chief investigator for the Insolvency Service, about the business methods used by Store First.

The Insolvency Service has now withdrawn its statement. A spokesman said: “The Insolvency Service sent you a press release entitled 'Court winds-up Store First Ltd and related companies'.

“Please be advised we have unpublished this press release following legal advice that its contents are capable of being misinterpreted. You are advised not to use any content from it.”

Yesterday a spokesman for Store First said: “Store First is delighted to confirm that an out of court agreement has been reached with the Secretary of State for Business, Energy and Industrial Strategy, which allows the Store First storage business to continue in operation with the current management company, Pay Store, running the operations of all its 15 storage centres in: Barnsley, Blackburn, Burnley, Derby, Ellesmere Port, Glasgow, Leeds, Liverpool, Manchester, Mansfield, Northampton, Preston, Rochdale, St Helens, Wakefield.

“Store First has agreed with the Secretary of State that the original property companies and the former management company will be wound up, but the petition against Store First Midlands Limited will be dismissed.

"As stated, the existing management company, Pay Store, will continue to operate the storage business for the benefit of Store First investors, customers and staff.”