A manufacturer has gone into administration, putting the jobs of 120 workers at risk, it was revealed today.
The problems at BI Composites, based in Cannock and with a site in Halesowen, are largely being blamed on a £4 million pension deficit.
The company is one of the UK’s leading manufacturers and distributors of moulded components made from composite materials.
It employs 120 people across its two sites: a headquarters at Green Lane, Bridgtown, and another unit at Coombs Road, Halesowen. Kevin Murphy, Craig Povey and Brian Hamblin, partners and restructuring specialists at national accountancy firm Chantrey Vellacott DFK, have been appointed administrators.
Mr Hamblin, partner at Chantrey Vellacott DFK’s Birmingham office, said BI Composites was a strong business and was trading as normal as a search for a buyer is underway.
The company is a wholly owned subsidiary of Coventry-based BI Group plc, which is trading as normal and is not affected by the administration.