Victoria Precision Co.(Birmingham)Limited (00867921): administration
- Status
- Administration ended
- Administration began
- 2019-05-09
- Incorporated
- 1965-12-31
- Location
- Birmingham
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Brexit
- Competition / price pressure
From the administrators' statement
Victoria Precision Co. (Birmingham) Limited (“Victoria”) commenced trading in 1965 and grew over 53 years to become a highly respected precision engineering and toolmaking business primarily supplying into the Automotive Industry.
Many of those who joined the company in the early years remained with the company and have grown from fresh apprentices to veteran toolmakers who continued to train the latest generation of future toolmakers as the company developed a reputation for its expertise and high quality. Over this time the company grew its turnover to circa £2m and the business employed 26 people. However, in more recent times Victoria, along with the majority of businesses. has suffered from challenging times that have dogged the industry over the last decade but has particularly come to the fore over the last 12 months. The Automotive sector is currently facing a number of extremely challenging issues which has increased the pressure on the company as the market has contracted. This has had a major impact on both the company’s order book and margins and consequently the company’s cash flow.
The difficulties facing the Industry have been exacerbated over the last 12 months and has been evidenced by;-
Administrators' statement of proposals (2019-06-18) · Companies House register