Composites firm to call in administrators
A family business that employs around 120 people at its Coningsby, Lincolnshire, headquarters is set to call in administrators.
MTAG Composites filed a notice of appointment to appointment administrators on Friday (July 11) through law firm Addleshaw Goddard.
MTAG operates from a 61,000 sq ft facility in Coningsby where it produces moulded composite parts for the likes of Hitachi, Jet 2 and Etihad Airways.
The firm’s most recently filed accounts show a profit and loss account some £1.6m in the black.
Earlier this year, MTAG Composites was the subject of a £6.75m takeover bid from US-based Tiderock Companies. However, on May 23 this acquisition to buy the 90% share was cancelled. Instead, Tiderock acquired MTAG Global, which was announced as the exclusive distributor for MTAG Composites. Tiderock paid MTAG Composites a one-off fee of $250,000 as part of the deal.
Tiderock said the deal would “foster strategic relationships with MTAG Composites while also pursuing additional growth opportunities”.
