A metal components business has gone into administration after suffering “unprecedented cost increases”.
Jimmy Saunders and Matthew Ingram of Kroll have been appointed as joint administrators of Redditch-based Heath Springs and Components - and say they hope to sell the business as a going concern.
Heath Springs and Components makes professional grade springs, clips and other precision formed metal components for the automotive, aerospace and industrial markets.
Jimmy Saunders, managing director at Kroll, said “Heath Springs and Components is a long-established business, with a reputation for specialist engineering and providing a wide range of high-quality products.
“However, like many companies in this sector, it has suffered from unprecedented cost increases which it has been unable to pass on quickly enough to its customers. Consequently, due to cash flow pressures facing the business, steps were taken to place the company into administration to stabilise operations and allow trading to continue.
“We will be bringing the business to market in the coming weeks and are hopeful that a purchaser for the business as a going concern will come forward.”
