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88 Paintbox jobs saved as Administrator sells parts of company
22/11/2023
Paintbox Group was founded in 1989
The future of a Banbury company which supplies paint, assembly and sequencing solutions to the UK automotive and transport industry has been secured, but 42 people within the wider group have been made redundant.
Paintbox Banbury Limited and its parent company Paintbox Group had been put into administration, but parts of the company have now been sold to PB Editions Limited by the Administrators. 88 of the company’s employees were transferred to the purchaser.
Paintbox Group was founded here in Banbury in 1989, specialising in bespoke vehicle painting and coating of carbon and composite materials.
The Company recently experienced significant financial pressure following the downturn in a number of key contracts. The directors sought to review the options available to them, including sale, investment and restructuring options. When it became clear that a solvent solution was not possible, they took the difficult steps to place the company into administration.
Chris Pole and Ryan Grant were appointed joint administrators of Paintbox Group Limited and Paintbox Banbury Limited on November 16, 2023. They oversaw the sale of the trade and assets of the businesses to PB Editions Limited.
Nigel Trilk, director at Brightborough, said: “We are delighted to have reached an agreement with Interpath to acquire the assets and trade of Paintbox through a new Brightborough subsidiary, PB Editions Limited.
“We are grateful to the senior managers at Paintbox for their dedication to assisting Brightborough in developing a solution to rescue the business and save jobs. It is our aim to stabilise and grow PB Editions over the coming months and years and continue to build the skills and capabilities to retain the reputation of the business as a leader in high quality coatings for automotive and wider markets.”
Chris Pole, managing director at Interpath Advisory and joint administrator, said: “Paintbox plays an important role in the UK automotive supply chain, providing paint and engineering services to a number of well-known luxury car brands. We’re pleased to have concluded this transaction which safeguards the future of the Company’s facilities in Banbury, and importantly, preserves a significant number of jobs.”
The joint Administrators will be providing support to those employees impacted by redundancy, including providing them with the support and information they need to make claims from the Redundancy Payments Service.
A separate company, Paintbox Transportation Services, which is also part of the Paintbox Group, is not in administration.
Published: by Banbury FM Newsteam
Paul Shepley On 23/11/2023 at 6:01 am
It’s such a shame that this news fails to report the sad plight of 40+ long serving and loyal employees that have been made redundant without notice or consultation or even fair process. The people running this business knew exactly what they were doing as they have done it many times in the past. They have done nothing but tell lies and deceive honest workers in order to save their own jobs.
Derek On 23/11/2023 at 11:57 pm
I agree Paul nothing but lies and cowardice to save there own skins
Angie On 24/11/2023 at 10:39 am
Keter are recruiting on Beaumont Road