Tue, 21 Jun 2022 | ADMINISTRATION
Wolverhampton-based automotive supplier Minerva Industries UK has fallen into administration, with a buyer now being sought for the business and its assets. Interpath Advisory’s Chris Pole and Ryan Grant have been appointed as joint administrators to the firm, which began trading in the early 1980s.
Initially called Wolverhampton Pressings, the company has grown to become a leading supplier of cosmetic parts for the UK automotive sector, with clients including such major names as Jaguar Land Rover, Aston Martin and Bentley.
Despite this prominent position within the UK industry, however, administrators say that the company had been hit over recent months by issues impacting the wider automotive sector, including supply chain problems, rising costs and the ongoing semiconductor shortage.
This led to the business running into trading difficulties, with the company’s directors ultimately deciding that appointing administrators represented the best option for its creditors. Upon the appointment of the joint administrators, 21 staff were made redundant, with 38 retained to assist with trading the company in the immediate term.
Joint administrator Chris Pole commented: "Over the years, Minerva Industries has forged an excellent reputation supplying some of the most prestigious brands in the UK automotive market. Our intention is to trade while we seek a purchaser for the business and assets and would invite any interested parties to make contact with us as soon as possible.”
In its financial accounts for the year ending December 31 2020, Minerva Industries reported turnover of £6 million, down from £10.4 million a year earlier. Having reported a post-tax profit of £102,900 in 2019, the company fell to a £234,292 loss for 2020.
At the time, the company’s fixed assets were valued at £687,316, while current assets were valued at £1.65 million and net assets amounted to £319,610.
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