From the administrators' statement

The proposed Joint Administrators first met with the Company’s Managing Director, Amanda Bennett and Technical Director, Steve Lock on 25 February 2019.

Following discussions with the Company's financiers, the Board had concerns that decreasing orders were not sufficient to maintain profitability in the business. Recent economic issues in the automotive sector and concerns over Brexit led to a delay in current orders which had a knock on effect on the performance of the business.

The Board were concerned that such an impact could not be sustained by the business in the medium to long term and they wished to explore options available in this regard.

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P.J.Hare Limited (00465757)

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