Chris Pole and Ryan Grant from Interpath Advisory have been appointed joint administrators to Paintbox Transportation Services Limited (PTSL).
Based in Derby, PTSL specialises in the painting of rail carriages for companies across the rail industry.
The Paintbox group had come under 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 steps to place the companies into administration.
The joint administrators of PTSL have reached agreement with the company’s major customer, Alstom, which will enable the business to continue to trade while they continue to explore the options available. As a result, all of the company’s circa 60 employees have been retained by the joint administrators to facilitate this strategy.
Chris Pole, Managing Director at Interpath Advisory and joint administrator, 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.”
