ONE of the last independent pressed and sheet metal component manufacturers and die casters in the UK has gone into administration.
Broadways Stampings and its sister company Dyson Diecastings have succumbed to the challenging environment facing the UK’s automotive supply chain.
Ryan Grant and Chris Pole, from Interpath Advisory, have been appointed joint administrators. The companies continue to trade at their factories on the Denbigh industrial estate in Bletchley while the administrators seek buyers for the businesses and their assets.
“We have been pleased with the positive conversations and financial support provided by customers in recent days, which has ultimately provided the businesses with a crucial lifeline,” said Mr Grant, managing director at Interpath Advisory.
The two companies employ more than 300 staff. Founded in 1976, Broadways Stampings manufacturers pressed component parts, sheet metal work, welded assemblies and powder coat finishing to the automotive industry.
The cumulative impact of Brexit, the pandemic, the rising cost of raw materials and energy, supply chain issues and shortages of essential components and labour led the companies to seek urgent additional financial support from their customers in order for production at their sites in Bletchley to continue.
After a series of productive discussions and having secured customer support, the directors took steps to protect the interests of creditors by seeking the appointment of joint administrators.
Mr Grant paid tribute to the support and understanding of the companies’ employees as the administration process continues.
“Broadways Stampings and Dyson Diecastings are proud family-owned businesses with a long heritage of manufacturing and supplying specialist products to the UK automotive industry,” he added. “Unfortunately, the myriad of issues facing the sector over the past two to three years have had a significant negative impact on the companies, resulting in the directors needing to take proactive action to safeguard the businesses’ future.
“Our priority is now to work with suppliers to reestablish and ramp up production at the sites while we immediately explore interest in the businesses and assets.”
Interested parties are advised to contact Gareth Shaw at Interpath via email@example.com.