Large family-run firm that's been trading for 46 years sadly goes into administration in Milton Keynes
A well-known MK company that’s been trading for 46 years has gone into administration.
Suppliers to the automotive industry, they are among the last family-owned independent pressed and sheet metal component manufacturers and die casters in the UK.
Major local employer Broadway bought out Dyson Diecastings in 2017 and both companies are run from Denbigh Industrial estate.
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But over the past two or three years, they have battled against a string of problems which have affected the UK automotive supply chain. These include the impact of Brexit and COVID-19, escalating raw material and energy costs, supply chain disruption and shortages of both essential components and labour.
In recent weeks, the companies have sought urgent additional financial support from their customers to enable production at their sites to continue.
Ryan Grant and Chris Pole from Interpath Advisory were appointed as joint administrators yesterday (Monday).
Their task is now to find a buyer for the companies to enable them to continue trading.
Mr Grant said: “Broadways Stampings and Dyson Diecastings are proud family-owned businesses with a long heritage of manufacturing and supplying specialist products to the UK automotive industry.
"Unfortunately, the myriad of issues facing the sector over the past two to three years have had a significant negative impact on the companies, resulting in the directors needing to take proactive action to safeguard the businesses’ future.”
He added: “We have been pleased with the positive conversations and financial support provided by customers in recent days, which has ultimately provided the businesses with a crucial lifeline.
“We’d also like to extend enormous thanks to the companies’ employees and suppliers for their support and understanding while this process has been underway.”
Next week the companies will close for their annual staff holidays but the administrators are wasting to time.
“Our priority is now to work with suppliers to re-establish and ramp up production at the sites following next week’s annual shut-down in Bletchley, while we immediately explore interest in the businesses and assets,” said Mr Grant.
Interested parties are advised to contact Gareth Shaw at Interpath via [email protected]