Jobs saved at car wheel manufacturer
Jobs have been saved at Rimstock, the West Bromwich -based forged wheel manufacturer, which collapsed into administration on July 5.
The largest wheel manufacturer in the UK employed 76 at the time.
The administration threatened to deal a serious blow to the UK car manufacturing supply chain.
Rimstock, which supplies alloy wheels to 40 countries around the world, continued trading under administrators from Interpath Advisory.
The business has been bought by Birmingham-based private equity firm Sarb Capital. The purchase includes Rimstock’s subsidiaries in the United States and Germany.
Sarbjot Singh Johal, owner of private equity firm Sarb Capital, grew up in the same area of the Rimstock headquarters at Ridgeacre Road, which at its peak employed 230 people and houses one of the largest production facilities of any alloy wheel manufacturer in Europe.
He said: “I am delighted to have played a part in saving such an iconic business. It is integral not only as a critical supplier to the UK car manufacturing industry but also to the local community as a major employer.
"We’ve retained chief executive Dave Pound who is highly experienced in the industry. He will work alongside the Rimstock team to maintain the highest level of design and manufacturing and protect the Rimstock legacy. Sarb Capital is committed to supporting the long-term future of the company and ensuring its continued reliable delivery of high-quality forged wheels to the automotive industry.
"We are grateful for the support and efforts of the Interpath Advisory team for their part in saving the business. Their work over the past few months has ensured the continuation of Rimstock and the preservation of an important local employer in Birmingham. Further investment will be made to grow this important business.”
Chris Pole, managing director at Interpath Advisory and joint administrator, said: “We’re delighted to have been able to secure this going concern sale which safeguards the future of the UK’s only wheel manufacturer, and which importantly, preserves a significant number of jobs in West Bromwich. We wish the Company and new owner Sarb Capital all the very best for the future.”
Rimstock was founded in 1985 by former British Touring Car champion and team owner Steve Neal who passed away in July aged 82. The company is the UK’s last remaining wheel manufacturer and one of two manufacturers in Europe with the spin forges required to make the best quality and design forged wheels.
Rimstock is an approved supplier to Aston Martin, Bentley, Jaguar Land Rover, McLaren, Ferrari and Alpina. It also manufactures wheels for motorsport and for military application.