Eighty jobs have been saved at a Lytham manufacturer which fell into administration.
Boundary Road-based Statestrong made a loss after coming under pressure from creditors.
But now Russell Blaikie has acquired the struggling 40-year-old Statestrong Limited through a pre-pack sale and has been able to help the business immediately utilising his expertise in manufacturing and management.
Arrangements for the purchase of Statestrong’s business and assets were negotiated by Sheffield business specialists Wilson Field who managed 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 in the past financial year, but it had suffered pressure from creditors with outstanding arrears.
It will now trade as Statestrong Products Limited.
The value of the deal has not been disclosed but it includes the business and the assets of the company which also has a base in Tarporley in Cheshire.
Mr Blaikie said: “Transactions of this nature are sensitive and require careful handling.
“The team at Wilson Field provided exactly the right professional approach.”
He said the business had great potential and expertise but had been burdened with financial difficulties.
Now he said it had a more stable future ahead.
Wilson Field’s insolvency practitioners Kelly Burton and Joanne Wright worked closely with Mr Blaikie along with senior corporate case administrator Gareth Kinneavy.
Kelly 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.”