A Black Country alloy wheel manufacturer which fell into administration earlier this year has been bought out in a rescue deal which has saved 21 jobs. Rimstock has been acquired by Birmingham-based private equity firm Sarb Capital.
The undisclosed deal allows the business to continue trading from its base in West Bromwich and also includes subsidiary companies based in Germany and the US.
Administrators from Interpath Advisory were appointed in July, saying at the time that Rimstock had been facing financial difficulties over the past year.
The problems had prompted management to seek out new funding for the business but, when this was unsuccessful, it took the decision to place the company into administration.
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It has continued to trade since and is now looking forward to the next chapter under the new owners. As part of the deal, incumbent chief executive Dave Pound will remain in post.
Sarb Capital's owner Sarbjot Singh Johal, who grew up in the West Bromwich area, said: "I am delighted to have played a part in saving such an iconic business.
"It is integral not only as a critical supplier to the 海角视频 car manufacturing industry but also to the local community as a major employer.
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"Dave will work alongside the Rimstock team to maintain the highest level of design and manufacturing and protect the Rimstock legacy.
"Sarb Capital is committed to supporting the long-term future of the company and ensuring its continued reliable delivery of high-quality forged wheels to the automotive industry.
"We are grateful for the support and efforts of the Interpath Advisory team for their part in saving the business. Their work over the past few months has ensured the continuation of Rimstock and the preservation of an important local employer.
"Further investment will be made to grow this important business."
Rimstock was founded in 1985 by former British Touring Car champion and BTCC owner Steve Neal who passed away in July.
It is said to be the only manufacturer in Europe with specialist rotary forge capabilities which allows the business to produce stronger and more complex wheel designs.
Its clients across 40 countries include household names such as Aston Martin, Jaguar Land Rover and Ferrari and it also supplies wheels for motorsport and military uses.
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At its peak, it employed 230 people but this had dropped to 76 by the time of the appointment of administrators.
Chris Pole, joint administrator and managing director of Interpath Advisory, added: "We're delighted to have been able to secure this going concern sale which safeguards the future of the 海角视频's only wheel manufacturer and which importantly preserves a significant number of jobs in West Bromwich.
"We wish the company and new owner Sarb Capital all the very best for the future."