Wolverhampton-based Compomotive Motorsport Wheels has gone into administration after suffering a slide in turnover.
Matthew Ingram and John Whitfield of financial advice and restructuring firm Duff & Phelps have been appointed as joint administrators.
It is understood they took the decision to cease trading at the business and are now attempting to sell off the assets.
Matthew Ingram of Duff & Phelps said: "Despite its strong brand reputation the business has been suffering from declining turnover for a sustained period, largely due to cheaper imports and a subdued trading environment. This has ultimately resulted in its closure and the unfortunate loss of 24 jobs in the local economy."
The employees at Compomotive Motorsport's base on the Wulfrun Trading Estate had been made redundant before Duff & Phelps were appointed.
The family-run firm, started by Bill Dixon in 1973, made a range of competition wheels for motorsport teams. Turnover was around £1.5m last year.