Mon, 17 Jan 2022 | ADMINISTRATION
First Components, a precision engineering firm based in Brierley Hill, has fallen into administration and a buyer is now being sought for the business. The company entered administration after the loss of a significant contract impacted its cash flow, while a recent change of ownership had also affected its capacity to continue trading.
Founded over 18 years ago, First Components was based on the Wallows Industrial Estate in Brierley Hill, West Midlands. The company provided specialist precision engineering services to clients from a wide range of sectors, including general engineering, medical, automotive, aerospace, electrical and white goods.
Trading has been suspended as a result of the company’s financial position, with its 56 employees made redundant upon the appointment of Diana Frangou and Gareth Harris from RSM UK Restructuring Advisory LLP as joint administrators on January 10th.
Diana Frangou commented: "The cash flow issues, coupled with the change in ownership and structure, resulted in administrators being appointed to protect not only the creditors interests but most importantly ensure the employees were not left in abeyance.”
The joint administrators are now seeking a buyer for the business. If a buyer cannot be secure, they will aim to maximise returns from the business’ assets. In its accounts for the year ending December 31 2020, First Components reported £756,157 in fixed assets and current assets worth £2.02 million, with total equity of £728,121.
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