ALL 56 employees at a Brierley Hill engineering company have lost their jobs after the firm went into administration this week.
Administrators were called in on Monday (January 10) to First Components Limited, which provided specialist precision engineering for a range of industries including aerospace, automotive, medical through to electrical, white goods and general engineering.
Diana Frangou and Gareth Harris of RSM UK Restructuring Advisory LLP appointed as joint administrators of the business, on the Wallows Industrial Estate, which operated for more than 18 years.
A statement issued by the administrators said due to the financial position of the company, trade was suspended and the firm's 56 employees were immediately made redundant.
It said the company had lost a significant contract which was having an impact on cashflow, and the firm had recently gone through a change in ownership which impacted its ability to continue to trade.
The administrators said they were seeking a buyer for the business or alternatively would look to maximise realisations from the company’s assets, for the benefit of creditors.
Diana Frangou, a restructuring advisory partner at RSM and joint administrator, said ‘The cashflow issues coupled with the change in ownership and structure, resulted in administrators being appointed, to protect not only the creditors interests but most importantly ensure the employees were not left in abeyance.
"Regrettably, we have had to make the entire workforce redundant, and our first priority is to assist them both with making their claims from the Redundancy Payments Office and offering general support and advice in these difficult circumstances."
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