Chris Pole and Ryan Grant from Interpath Advisory were appointed Joint Administrators of Rimstock Limited on 5 July 2023.
Located in West Bromwich, Rimstock is a leading manufacturer of alloy wheels, supplying into some of the world’s most prestigious automotive OEMs. Distinctively, the Company is the only manufacturer in Europe with specialist rotary forge capabilities, which allows the business to produce stronger and more complex wheel designs.
The Company has been facing financial difficulties over the last twelve months and as a consequence, Management engaged Interpath as advisors to support in ongoing discussions with key stakeholders and investors in an attempt to secure funding for the business. Unfortunately, these negotiations were unsuccessful and without additional funding, Management took the decision to place the Company into administration.
The Administrators are working with Management and the Company’s key customers to ascertain the level of support for ongoing trading. They are also continuing to review all of the options for the business and any parties that wish to express an interest are advised to contact the Joint Administrators as soon as possible. There have been no redundancies amongst the Company’s 74 staff while options are explored.
Chris Pole, Managing Director at Interpath Advisory and Joint Administrator, said: “Rimstock is the UK’s only alloy wheel manufacturer, supplying into some of the world’s best-known luxury car brands. Unfortunately, however, the many challenges facing industrial manufacturers across the country, including rising raw material costs, have proved to be insurmountable in this particular case.
“Our immediate priority is to understand customer requirements for future supply and assess whether there is any interest in the business as a going concern.”
Interested parties are advised to contact Sam Greatorex via sam.greatorex@interpathadvisory.com.
