Thu, 18 Oct 2012 | BUSINESS SALE
Beamlight Automotive appointed administrators on 11 October this year, but FRP Advisory has now decided to put up the business for sale.
Based in Nottingham, the company has roots going back to the 1930s and manufactures seating for the rail and automotive industries. It counted Ford Motor Company and Bombardier Transportation among its big name customers.
However, recently the firm has found itself with cashflow difficulties following a contract dispute with one of its customers. Nigel Hamilton-Smith, joint administrator, explained the situation to Insider Media: “We very much hope to find a solution to the current contractual dispute which will offer the prospect of reinstatement for the work force.
“We will also be seeking a purchaser for the company as soon as possible, and in doing so safeguard the future of the business and its employees.”
Around 200 employees have been suspended at the business, which is currently unable to continue to pay their wages. However, 59 workers have been kept on to provide ongoing supply to a number of the firm's other clients.
Beamlight Automotive recorded a pre-tax profit of £1.7 million on sales of £30 million in the year to 31 December 2011.
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