Tue, 20 Sep 2022 | ADMINISTRATION
An East Midlands-based designer and manufacturer of seating systems for the automotive industry has been put up for sale after entering administration. The Seat Design Company and SDC Manufacturing UK Ltd fell into administration as a result of COVID-19's impact on the automotive sector and, more recently, rising input costs.
Raj Mittal and Ben Jones of advisory firm FRP have been appointed as joint administrators to the business and will continue to trade the company while marketing it for sale. All of the firm’s 32 employees at its offices and manufacturing base in Riddings, Derbyshire, have been retained.
The Seat Design Company provides concept, design, prototype and development services for a range of clients from the automotive industry, as well as for companies in the healthcare and leisure sectors. The company’s clients include Bentley, Rolls Royce, Tata and Lear Corporation.
Commenting on the sale, joint administrator Raj Mittal said: "The Seat Design Company is well established with a track record for providing high-quality, bespoke products to the automotive industry thanks to its highly skilled engineering team and facilities. However, it has suffered from the prevailing challenges that have impacted so many others right across the automotive supply chain.”
"With the support of key customers, we will continue to trade the business while we attempt to find a buyer that can secure its future. We encourage any interested parties to make contact with the administrators."
In its most recent financial reports, for the year ending December 31 2021, The Seat Design Company’s fixed assets were valued at £639,965, while current assets were valued at £640,467. At the time, the company owed £831,197 to creditors within one year and £465,234 to creditors falling due after more than one year.
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