Tue, 18 May 2010 | ADMINISTRATION
A buyer is being sought for the manufacturers of Jaguar car badges, after the company entered administration on Monday.
Ascot Minworth called in administrators PKF after a fall in turnover presented them with insurmountable cash flow problems. The company also makes logos and badges for Ford, BMW and Nokia.
The company, based on Minworth Industrial Park with 41 members of staff, will now be kept going by Edward Kerr of PKF and Ian Gould from the firm's Birmingham office, until a buyer is found.
Mr Kerr said: "The joint administrators are continuing to trade the business whilst actively seeking a buyer for the business and assets of the company."
He said global problems in the motor industry have contributed to a serious drop in turnover in the past 18 months, making cashflow problems that the company has been unable to trade out of.
A slump in the sale of Jaguars has been particularly brutal. Sales of the luxury cars fell by nearly 31 per cent in April, leading to a collective 11.7 percent fall in the first third of the year.
The administration comes as many people in the Midlands car manufacturing industry were looking optimistically to the future after a few good boosts.
Landrover only announced last week that 275 jobs would be created at the Solihull plant, after the best sales figures in the 62-year history of the company.
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