Chris Pole and Ryan Grant from Interpath Advisory were appointed joint administrators to Minerva Industries UK Limited on 13 June 2022.
Formed in the early 1980s as Wolverhampton Pressings, the Company grew over the years to become a leading supplier of cosmetic parts to the automotive industry.
In recent months, and in the wake of ongoing issues facing the global automotive industry, including semiconductor shortages, supply chain issues and rising costs, the Company had experienced trading difficulties. After exploring options, the directors concluded it was in the best interest of creditors to seek the appointment of the joint administrators.
The joint administrators have retained 38 members of staff to assist them as they trade the business in the immediate term, while they seek a buyer for the business and its assets. Regrettably, immediately following their appointment, the joint administrators made 21 employees redundant.
Chris Pole, managing director at Interpath Advisory and joint administrator, said: “Over the years, Minerva Industries has forged an excellent reputation supplying some of the most prestigious brands in the UK automotive market.
“Our intention is to trade the business while we seek a purchaser for the business and assets, and would invite any interested parties to make contact with us as soon as possible. We will also be providing assistance to those members of staff who have been impacted by redundancy in making claims to the Redundancy Payments Office.”
Interested parties should contact David Sherwood at Interpath Advisory via email@example.com