Fri, 08 Dec 2023 | ADMINISTRATION
Paintbox Transportation Services Limited (PTSL), a firm that specialises in the painting of rail carriages for a range of rail industry businesses, has fallen into administration. The administration comes amid financial pressure at the wider Paintbox Group, which has seen a downturn in a number of key contracts.
The group’s directors had explored various options, including a possible sale, investment and restructuring, but moved to place the companies into administration when it became apparent that a solvent solution was not possible.
Last month, the trade and assets of Banbury-based Paintbox Group Ltd and Paintbox Banbury Ltd were acquired out of administration by Brightborough Group Ltd subsidiary PB Editions Limited in a deal that secured 88 jobs.
Interpath Advisory’s Chris Pole and Ryan Grant were appointed as joint administrators to PTSL on December 6 2023. The joint administrators have secured a deal with PTSL’s major customer, train builder Alstom, which will enable the company to continue trading while the options available to it are explored and mean all approximately 60 employees have been retained.
Joint administrator Chris Pole said: "We'd like to extend thanks to Alstom, as well as the company's employees and wider stakeholders, for their support, which is allowing us to trade the business while we assess options."
The administration of PTSL, which filed two notices of intention to appoint administrators last month, comes during significant uncertainty at Alstom’s Litchurch Lane site in Derby. Alstom, a French-headquartered multinational, is reportedly considering shedding up to 1,300 jobs.
The company is currently undertaking a staff consultation, following the news of a significant workload gap at Litchurch Lane, which is the UK’s largest rail assembly plant. While Alstom is scheduled to begin work on trains for the London to Birmingham HS2 rail line in late 2026, it recently emerged that the plant has no orders beyond the first three months of 2024.
Find out more about the M&A opportunities created by rising levels of financial distress
A substantial industrial electrical installation company, incorporating a full design and build service is being marketed for sale. Equally adept at managing both small and large projects and with experience in multiple sectors, it has developed a pa...
Sensational business opportunity, incredibly robust model and sector. Engineering, Construction and Contracting services provider to the Oil, Gas and Petrochemical industries.
Established 1988, an engineering product and equipment distributor established over 15 years, and located in the heart of West Midlands.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.