Covpress Assembly Limited (09451446): administration
- Status
- Administration ended
- Administration began
- 2017-04-18
- Administrators' firm
- Deloitte
- Formerly
- N Press Assembly Ltd
- Incorporated
- 2015-02-20
- Location
- Birmingham
- Industry
- 29320 Manufacture of other parts and accessories for motor vehicles
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
From the administrators' statement
As already noted, the business historically operated as a Honda cost centre and had been loss-making, and even after the business secured JLR as a new customer, the volume and price of the JLR work was insufficient to eliminate losses.
Furthermore, the majority of the work for Honda relates to vehicle platforms that are coming to the end of their life and ends in May 2018 leaving the business with a forecast reduction in turnover of c.£20m per annum.
Attempts to increase production volumes by the introduction of other new customers had limited success and the business continued to incur losses.
Administrators' statement of proposals (2017-06-20) · Companies House register