Fri, 01 Mar 2024 | ADMINISTRATION
Interflex Limited, a manufacturer of automotive parts in Nottinghamshire, is set to fall into administration after filing a notice of intention (NOI) to appoint administrators. The NOI, filed through law firm Bermans, will protect the company from creditor action for 10 business days.
Interflex, which has its registered office in Essex but operates from a facility in Langar, Nottinghamshire, supplies a range of sealing solutions used in the automotive industry, including door and boot deals, interior trim and under carpet. The company also coats and cuts materials used in automotive manufacturing, including the fabric used in arm rests to improve durability and comfort.
Interflex underwent a management buyout (MBO) in 2021 led by Jim Griffin, former CEO of manufacturing firm Autins Group. The following year, the company expanded into an entirely different industry and product line with a move into the horticultural sector. The company's facility in Langar beginning to produce a range of biodegradable mulch mats for planting saplings and strawberries.
Despite diversifying its product range, however, the business appears in danger of falling into insolvency unless a solution can be found within the next couple of weeks. While few specific details on its troubles have been revealed, it has potentially been negatively affected by the wide range of headwinds impacting the UK manufacturing sector, such as soaring energy and raw materials costs, supply chain disruption and high inflation.
In its financial accounts for the year ending December 31 2022, Interflex Limited’s fixed assets were valued at slightly over £342,000 and current assets at more than £3.4 million. The company’s total debts at the time amounted to more than £3.1 million, however, with its net assets standing at £561,748.
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