A Lancashire-headquartered manufacturer has been bought out of administration through a pre-pack deal saving 80 jobs.
Russell Blaikie has acquired the struggling 40-year-old Statestrong Ltd. He was appointed a director of the company three months ago.
The business, which manufactures and supplies aerosol and liquid products for use in health and beauty, household, automotive and industry globally, posted sales of £12m in its latest financial year, but had suffered pressure from creditors with outstanding arrears.
Arrangements for the purchase of the Statestrong's business and assets were negotiated by Sheffield business specialist Wilson Field after it was appointed administrator.
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 Ltd.
Wilson Field's insolvency practitioners Kelly Burton and Joanne Wright worked with Blaikie to complete the sale. 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."