The joint administrators of Broadway Stampings Limited and Dyson Diecastings Limited have confirmed that production at the Companies’ sites in Bletchley is to wind down after buyer(s) for the businesses were unable to be found.
Consequently, a total of 150 employees across the two businesses have been given notice of their redundancy. 149 members of staff have been retained by the joint administrators to assist them with tooling extraction and the winding down of the businesses, which includes limited short-term run-off trading for specific customers.
Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators of Broadway Stampings and Dyson Diecastings on 1 August 2022. The two Companies were amongst the last family-owned independent pressed and sheet metal component manufacturers and die casters in the UK.
As tier two suppliers to the automotive and industrial sectors, the Companies battled a number of headwinds which have buffeted the UK supply chain over the past two to three years. These include the impact of Brexit and COVID-19; escalating raw material and energy costs; supply chain disruption; and shortages of both essential components and labour.
Following the appointment of the joint administrators, and after short-term funding was secured from customers, trading at the sites was able to continue for a period of six weeks whilst the administrators sought buyers for the businesses and their assets.
Ryan Grant, managing director at Interpath Advisory and joint administrator, said: “While there were positive early signs of interest in the business and assets, temporary factory closures announced by the automotive sector in the UK impacted the immediate product requirements of key customers, and this, coupled with the rising cost of energy required to keep production at Dyson Diecastings going, meant that a buyer was unable to be found for either business.
“We would like to express our thanks to both customers and employees for their steadfast support over the past weeks, giving us time to be able to explore all options. Our immediate priority is to now provide assistance to those who have been made redundant in making claims to the Redundancy Payments Office.”