NEARLY 50 jobs have been saved at a paper mill after it was bought by a French investment firm.

Workers were left facing an uncertain future in January after the troubled owners of the paper factory announced they had been placed into administration.

Arjobex, in Stephenson Road, on the Gorse Lane Industrial Estate, Clacton, specialises in the production and sales of synthetic paper under the trademark Polyart.

The UK operation had been forced to enter administration after its parent company Sequana, a French manufacturer and distributor of paper, packaging and print solutions, which also owned the Arjowiggins group of companies, entered protection proceedings in France.

Glyn Mummery and Geoff Rowley, partners at specialist advisory firm FRP Advisory, were appointed as joint administrators for Arjobex and had continued to run the business.

They have announced the 48 jobs at the Clacton manufacturing base have been secured after France-based private equity firm Prudentia Capital acquired the Arjobex group of businesses.

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.

“We wish the team at Prudentia every success as they take the business forward.”

The Arjobex group also has manufacturing bases in Rives, France, and Charlotte, USA, a total of 160 employees.