42 jobs saved as Protega Coatings is sold out of administration

SOME 42 jobs at West Bromwich’s Protega Coatings have been saved after administrators successfully oversaw a sale of the business and its assets.

The firm is an industrial paint manufacturer. Its products are designed to protect steel and other metals from the effects of corrosion, abrasion, fire and other adverse conditions.

It fell into administration as the result of a substantial pension deficit but Steven Stokes and Gerald Smith of restructuring and insolvency specialist FRP Advisory teamed up with law firm Shoosmiths’ national head of restructuring and insolvency James Keates and associate Aaron Harlow to oversee the sale to an as yet unnamed buyer.

Stokes of FRP said: “Shoosmiths and FRP have worked extremely hard to find a solution which enabled the business to be saved and all of the jobs preserved. We are confident the business is in good hands and will hopefully have a successful future.”

Keates added: “This is the latest in a series of deals that we’ve been involved in where jobs have been saved. Indeed, this and another recent transaction have seen more than 80 Black Country jobs being retained.”