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Kroll has announced that it has been appointed as administrators of Heath Springs and Components.
Heath Springs and Components is a manufacturer of professional grade springs, clips and other precision formed metal components.
The company is based in Redditch and is a critical supplier to a number of OEMs and industries globally including the automotive, aerospace and industrial markets.
Jimmy Saunders, managing director, Kroll said: “Heath Springs and Components is a long-established business, with a reputation for specialist engineering and providing a wide range of high-quality products. However, like many companies in this sector, it has suffered from unprecedented cost increases which it has been unable to pass on quickly enough to its customers.
“Consequently, due to cash flow pressures facing the business, steps were taken to place the Company into Administration to stabilise operations and allow trading to continue. We will be bringing the business to market in the coming weeks and are hopeful that a purchaser for the business as a going concern will come forward.”
Saunders and Matthew Ingram have been appointed as joint administrators of the firm and are looking for someone to acquire the business and its assets.
Kroll has a team of more than 6,500 professionals worldwide focused on risk and financial advisory solutions.
