An automotive firm that made the 2012 London Olympic torch has gone into liquidation.
Premier Sheet Metals said it blamed “conditions within the automotive sector which were further compounded by the onset of Covid-19”.
Based in Exhall, Warwickshire, the firm said a fall in sales had affected its cash flow and could no longer trade.
It produces sheet metal parts for the automotive sector, which has been struggling throughout the pandemic.
‘Difficult decision’
A spokesman for the firm said despite “substantial cash injections”, extra funding could not be secured, “largely due to the absence of any certainty in the marketplace”.
“Following a review of the company’s financial position and cashflow requirements by the company’s advisors, it became apparent that Premier Sheet Metal (Coventry) Ltd could not generate sufficient sales and in turn cash flow to enable it to continue to trade,” he added.
“Therefore, very regrettably, and after a period of over 25 years of trading, the decision was taken to commence the process of placing Premier Sheet Metal (Coventry) Limited into liquidation.”
Other companies within the group remain unaffected.
