The future of Paintbox Banbury Limited, a supplier of paint, assembly and sequencing solutions to the UK automotive and transport industry, has been secured following a sale to PB Editions Limited, a subsidiary of Brightborough Group Limited.
Founded in 1989 and based in Banbury, Oxfordshire, Paintbox Group specialises in bespoke vehicle painting and coating of carbon and composite materials. It employs 133 people.
The Company had 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 16 November 2023. Immediately following their appointment, they concluded a sale of the trade and assets of the businesses to PB Editions Limited, a subsidiary of Brightborough Group Limited.
Nigel Trilk, director at Brightborough, commented: “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.”
A total of 88 employees have transferred to the purchaser as part of the transaction. Regrettably, 42 members of staff have been made redundant. Three members of staff have been retained by the joint administrators to assist them in the administration process.
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.
At this point in time, Paintbox Transportation Services, which is also part of the Paintbox Group, is not in administration.