Richard Harrison and Chris Pole of Interpath were appointed as joint administrators of mechanical engineering business Pneuride Limited on 30 September 2026.
Pneuride was a designer and manufacturer of advanced electronic control systems and air suspension components for the automotive industry. The business employed 55 members of staff at its base in Coventry.
In recent months, Pneuride faced significant financial challenges following a sustained period of soft trading and pressure on cashflow and margin, which impacted its ability to meet its financial obligations and culminated in the business ceasing to trade in early September.
The Directors had sought a solvent solution, which included marketing the business for sale but, without any viable offers or fresh investment, they were left with no other choice but to appoint administrators.
Regrettably, upon appointment, the majority of staff were made redundant. A small number of staff have been retained to assist the joint administrators in their duties as they proceed with winding down the business.
Richard Harrison, Managing Director at Interpath and joint administrator of Pneuride Limited, said: “The automotive sector continues to undergo significant transformation and adapting to such change – amidst significant competition – adds further pressure on businesses in the supply chain that are already struggling to maintain margins and profitability. Pneuride was no exception and couldn’t continue in its current form. As we see through an orderly wind down of operations, we’re focused on supporting employees through this difficult period.”
James Portwood, a Director at Interpath, who is supporting the joint administrators added: “Anyone with an interest in acquiring the business and assets should contact the Interpath team as soon as possible”.
