A Black Country wheel manufacturer has fallen into administration.
Chris Pole and Ryan Grant from Interpath Advisory have been appointed as joint administrators of West Bromwich-based Rimstock which supplies alloy wheels to automotive manufacturers.
It is said to be the only manufacturer in Europe with specialist rotary forge capabilities which allows the business to produce stronger and more complex wheel designs.
Interpath Advisory said Rimstock had been facing financial difficulties over the past year which prompted management to seek advice from the firm in an attempt to secure funding for the business.
"Unfortunately, these negotiations were unsuccessful and, without additional funding, management took the decision to place the company into administration", Interpath Advisory said in a statement.
Administrators are working with management and the company's key customers to ascertain the level of support for ongoing trading and reviewing the options for the business.
Rimstock employs 74 staff who continue to work in the business while the administration process is ongoing.
Mr Pole said: "Rimstock is the UK's only alloy wheel manufacturer, supplying into some of the world's best-known luxury car brands.
"Unfortunately, however, the many challenges facing industrial manufacturers across the country, including rising raw material costs, have proved to be insurmountable in this particular case.
"Our immediate priority is to understand customer requirements for future supply and assess whether there is any interest in the business as a going concern."
