80 jobs saved in pre-pack deal for aerosol firm

A LOSS-making company with its 80 employees has been rescued out of administration in a pre-pack deal by a Lancashire entrepreneur.

Russell Blaikie has acquired the struggling 40-year-old Statestrong, based at Lytham St Annes in a deal negotiated by Sheffield business specialists Wilson Field, who negotiated the sale shortly after being appointed.

The company, which manufactures and supplies aerosol and liquid products for use in health and beauty, household, automotive and industry globally, posted sales of £12m last financial year, but had suffered pressure from creditors with outstanding arrears.

The total value of the deal is undisclosed but includes the business and the assets of the company based on Boundary Road in Lytham St Annes and Tarporley in Cheshire, which will now trade as Statestrong Products.

Mr Blaikie said: “Transactions of this nature are sensitive and require careful handling.”

Wilson Field’s insolvency practitioners Kelly Burton and Joanne Wright worked closely with Mr Blaikie along with senior corporate case administrator Gareth Kinneavy.

Burton said: “The company had a wealth of expertise but was straddled with financial liabilities which ultimately made its future questionable. Looking forward, a previously distressed business now has a viable future.”