Dozens of jobs have been saved after a collapsed manufacturing firm was sold to a mystery bidder.
A total of 42 jobs have been saved at West Bromwich firm Protega Coatings after it fell into administration due to a substantial pension deficit.
Insolvency firm FRP Advisory and solicitors Shoosmiths agreed a sale to a third party – but would not disclose who, meaning the axe has been lifted from employees.
Steven Stokes of FRP commented: “Shoosmiths and FRP have worked extremely hard to find a solution which enabled the business to be saved and all of the jobs preserved. We are confident the business is in good hands and will hopefully have a successful future.”
Mr Stokes and Gerald Smith from FRP teamed up with Shoosmiths’ national head of restructuring and insolvency James Keates and Associate Aaron Harlow to complete a sale of the business and its assets.
Mr Keates added: “This is the latest in a series of deals that we’ve been involved in where jobs have been saved. Indeed, this and another recent transaction have seen more than 80 Black Country jobs being retained.”
Protega Coatings makes industrial paint designed to protect steel and other metals from the effects of corrosion, abrasion, fire and other adverse conditions.