Silverstone manufacturer placed into administration by German parent company
Silverstone-based exhaust technology manufacturer Baumot UK has been placed into administration by its German parent company.
The firm has appointed Cowgill Holloway Business Recovery after the Baumot Group filed for insolvency after its core markets of the UK, Israel and Italy were affected by lockdown brought on by the Covid pandemic.
The company’s UK arm specialised in fitting buses and other vehicles to with catalytic reduction systems to reduce tailpipe emissions.
A statement from the Baumot Group said: “Despite intensive efforts, the company has not yet succeeded in closing the resulting liquidity gap by injecting capital from investors or state support funds.
“The use of the self-administration insolvency procedure offers Baumot the opportunity to advance measures of a restructuring program and the group will use the opportunities offered by the restructuring to emerge stronger from this difficult phase for all of us.”
The UK arm of the firm, which is listed on the Frankfurt Stock Exchange, made a loss of over £3.1m for 2019, according to latest available accounts. At the time the company employed 21 people.