Remy Automotive UK Ltd, has gone into administration.
The distributor has been in the hands of various US corporate and private investor groups for a number of years. Once a part of BorgWarner, the group was sold in 2016 and became part of the newly-formed BPI International in 2017, which combined Remy with Brake Parts International.
However, despite having injected a substantial amount of emergency working capital throughout the pandemic, the current investors were unable to continue funding the business and withdrew support earlier this year.
The UK subsidiary operates as the group’s sales and distribution channel for the UK, alongside its sister company in Belgium, which supplies and distributes Remy products across Europe.
Paul Zalkin, lead administrator and a Managing Director at Quantuma advisory Ltd is optimistic about a buyer being found. “There is, undoubtably, a fundamentally sound and viable re-manufacturing sales and distribution business within the Remy group, of which Remy Automotive UK is an important part,” he said. “Historic group wide balance sheet issues can now be overcome using insolvency processes to restructure the assets. Working alongside my counterparts in Belgium, Hungary and Tunisia, I remain hopeful that it will be possible to rescue significant parts of the group”.
Enquiries about the administration should be sent to firstname.lastname@example.org.