UK manufacturing company collapses into administration | UK | News
A UK manufacturing company with a “reputation for excellence” has gone into administration. Administrators are struggling to save the UK autos, which trade mainly from Telford. shropshire.
specialist parts manufacturer for automotive and highway industries played a crucial role in helping JCB build the world’s fastest tractor.
Autostructures UK worked with JCB engineers to build the lightweight chassis that enables the manufacturing giant’s Fastrac model to reach a top speed of 253.771 mph.
Autostructures UK, a JCB supplier for 30 years, has supplied more than 22,000 chassis in ten years.
The company, which also hailed itself as having a “reputation for excellence”, went into administration on March 27, The Gazette reported.
This follows the appointment of joint directors Christopher Pole, Ryan Grant and Sam Birchall from Interpath to parent company moveero Ltd two days ago. Moveero produces wheels, rims and hubs for agricultural and construction vehicles.
The company’s UK arm collapsed on March 26, with Sankey Holdings, moveero Ltd. and put around 250 jobs at UK autostructures companies at risk.
The business dates back to 1908 and was part of the automotive division of multinational GKN but was sold to private equity firm Aurelius in 2020.
Interpath said the moveero group continues to operate profitably and the British insolvencies have not affected the group’s remaining businesses in the US and Denmark.
The report said UK businesses face significant operational challenges due to the weakening off-highway market, downward price pressure and strong competition from rivals.
Inerpath said in a statement: “As a result of these ongoing challenges, the businesses’ administrators have taken steps to protect the interests of creditors by appointing administrators.
“This will allow businesses in the UK to continue trading, with all staff retained during this period while buyers for the businesses and their assets are pursued.”
Moveero CEO David Geraghty said: “In a challenging economic environment, we have worked tirelessly over the last 12 months to improve the financial performance of UK businesses.
“We are incredibly grateful for the support of our excellent team, as well as the support of our customers who have provided us with funding in recent days and provided us with the additional time we need to continue exploring the options available.”
