Preston-based emissions parts manufacturer Bosal has called in the administrators.
Julien Irving and Andrew Poxon of Leonard Curtis Business Rescue and Recovery will attempt to find a buyer for the firm, properly called Bosal Automotive and Industrial Components (BAIC) ltd.
In January this year Bosal sold off its aftermarket tow bar and automotive carrier and protection system businesses to TowerBrook Capital Partners as part of a restructuring programme that the company had called ‘Grow-Fix-Divest’. At the time, the company boasted of a ‘sound financial position’ and said it was going to use the (undisclosed) proceeds to clear all senior debt and to invest in the exhaust division.
However, a notice in the London Gazette confirmed that administrators had been appointed on June 5th.
The company previously went into administration in 2013. At the time it blamed competition from Eastern Europe and long-lasting stainless steel reducing the frequency of exhaust replacements. It also blamed its own former employees, who took it to court over redundancy payments. The company later bought itself out of administration.