Sheffield-based P&B Metal Components Ltd has slumped into administration after efforts to find a solvent way forward for the business failed.
James Clark and James Lumb, from Interpath, were appointed joint administrators to the contact manufacturing business today. (6 January)
Founded over 60 years ago, P&B makes metal parts, notably electromechanical precious metal contacts for critical applications.
Its products are exported to more than 30 countries and used in electrical assemblies across a range of sectors, including automotive, renewables, HVAC, aerospace, railways and industrial controls.
The company, which operates from freehold premises in Sheffield, also owns a standalone subsidiary in Malaysia, which supplies similar components to customers across South East Asia.
The administration follows a rephasing of orders from a major customer, which placed significant financial pressure on the business.
In response, the directors explored options to secure fresh investment. However, when a solvent solution could not be found, steps were taken to file for the appointment of administrators.
The joint administrators say they will be looking to trade the business while they explore options with the aim of preserving the business as a going concern and safeguarding as many jobs as possible.
In response to a reduced level of forecast turnover for the remainder of the company’s financial year, six redundancies were made on appointment, with the remaining 48 members of staff retained.
James Clark, managing director at Interpath and joint administrator, said: “P&B Metal Components has a long and proud heritage in the contact manufacturing sector and known for its high-quality precision engineered components.
“Our immediate priority is to support those employees who have been made redundant to claim statutory amounts owed to them and aim to maintain continuity for customers and the remaining employees while we seek a buyer who can secure the future of the business.
“We will also be marketing the company’s Malaysian subsidiary, which operates as a standalone manufacturing business serving customers across South East Asia.”