'We are delighted' - 48 jobs secured at manufacturer after months of worry
PUBLISHED: 15:59 29 July 2019
More than 40 jobs have been secured at an Essex paper manufacturer which fell into administration at the start of the year.
Arjobex's base in Clacton-on-Sea has been saved after being sold to French private equity firm Prudentia Capital.
The deal, which was completed last week, has secured all 48 jobs at the site.
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Arjobex specialises in the production and sales of synthetic paper under the trademark Polyart.
In January, the UK operation was forced to enter administration as its parent company Sequana entered protection proceedings in France.
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Glyn Mummery and Geoff Rowley, partners at specialist business advisory firm FRP Advisory, were appointed as joint administrators for the Arjobex UK business and had been continuing to trade the business.
Mr Mummery said: "After continuing to trade the business since January, we are delighted to have secured a deal which not only gives the Arjobex business a sustainable future, but also preserves jobs in the local community.
"We wish the team at Prudentia every success as they take the business forward."
Roland Germain, of Prudentia Capital, added: "We are pleased to bring our financial capabilities and operational know-how in order to enable the current management team to expand its business and reinforce their position as the European leader of this niche market."