The future of a supplier of paint, assembly, and sequencing services to the UK automotive and transport industry has been secured, with almost 90 jobs saved. However, more than 40 have been lost.
Established in 1989 and situated in Banbury, Oxfordshire, Paintbox Group specializes in bespoke vehicle painting and coating of carbon and composite materials. The company employs 133 people.
Paintbox Group recently encountered significant financial pressure due to the downturn in a number of key contracts. After considering their options, including sale, investment, and restructuring, the directors chose to place the company into administration.
On 16 November 2023, Chris Pole and Ryan Grant were appointed joint administrators of Paintbox Group Ltd and Paintbox Banbury Ltd. Upon their appointment, they concluded a sale of the trade and assets of the businesses to PB Editions Limited, a subsidiary of Brightborough Group Ltd.
Nigel Trilk, director at Brightborough, expressed his enthusiasm about reaching an agreement with Interpath to acquire the assets and trade of Paintbox through a new Brightborough subsidiary, PB Editions Ltd. He also commended the senior managers at Paintbox for their dedication in developing a solution to rescue the business and save jobs.
The aim of Brightborough Group Ltd is to stabilize 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.
As part of the transaction, a total of 88 employees have transferred to the purchaser, while 42 members of staff have been made redundant. Three have been retained by the joint administrators to assist them in the administration process.
Chris Pole, managing director at Interpath Advisory and joint administrator, stated, “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 are 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.”
It is worth noting that at this point in time, Paintbox Transportation Services, which is also part of the Paintbox Group, is not in administration. This is a positive sign for the company’s overall operations and future prospects.
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