Administrators have been appointed to a Black Country firm which supplies car components, with more than 20 jobs already lost.
Minerva Industries UK started life as Wolverhampton Pressings in the early 1980s and has become a leading supplier of cosmetic parts to the automotive industry, counting household names such as Aston Martin, Bentley and Jaguar Land Rover among its clients.
But administrators said that, in recent months, it had been affected by issues plaguing the global sector such as the shortage of semiconductors, supply chain problems and rising costs.
As a result, it had encountered trading difficulties and, after exploring options, the directors concluded it was in the best interest of creditors to seek the appointment of the joint administrators.
Chris Pole and Ryan Grant from Interpath Advisory are administering the affairs of the company and have retained 38 members of staff to assist them in the immediate term however 21 employees have been made redundant.
The pair are now seeking a buyer for the business, which is based north of Wolverhampton city centre, and its assets.
Mr Pole 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 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.”
