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Proteam rescued from administration

Proteam UK has been bought out of administration by Paroh, a subsidiary of Direct Corporate Clothing.

CITY & CORPORATE

Proteam rescued from administration

Proteam UK has been bought out of administration by Paroh, a subsidiary of Direct Corporate Clothing.

The company, which designs, imports and distributes leisure products for retailers, had experienced "serious liquidity problems" after the collapse of Focus DIY in May. It entered administration on 13 June but continued to trade until a buyer was found. The purchase by Paroh has saved 37 out of the 41 jobs at Proteam.

Joint administrator Jason Baker, of insolvency firm FRP Advisory, said: "We are pleased that the sale has secured 37 jobs at Proteam UK and the future of the company, safeguarding a continued supply of products to its customers. Trading the company for a month gave us enough time to find a buyer, and we received several expressions of interest in a well-known brand that is respected amongst its clients in the retail market."

Direct Corporate Clothing joint managing director Sam Sohal commented: "The acquisition of Proteam UK brings an exciting and popular business into our organisation. We look forward to continuing the great work of Proteam UK, by driving the retail sector forward with its innovative leisure products and high standards of customer service."

 

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