Administrators forced to cut 85 jobs at manufacturer

Administrators at manufacturer Covpress Assembly have had to make 85 redundancies as the administration enters its third month.

The Coventry-based car parts group was forced to appoint Deloitte as administrators in April, who have continued to run the business in the hope of keeping the business trading.

The £40m-turnover company employed 350 people in April.

A spokesman for Deloitte said: “Unfortunately, despite a wide marketing process including contacting over 30 potential buyers, no parties remain interested in progressing a going concern sale for the whole business.

“Whilst the administrators will continue to seek interest in the remaining business, due to the resourcing of some customer work it is currently anticipated that there will be c.85 permanent employee redundancies, c.30 of which are likely to be voluntary.”

Covpress Assembly used to be known as UYT until it was bought by the Yongtai Group in June 2015. It new owners already owned metal pressings company Covpress and decided to link the businesses by name.

Its owners, the Yongtai Group, bought UYT in June 2015 and renamed it Covpress Assembly, linking it in name to metal pressings company Covpress, which it already owned.

However Covpress went into administration in September 2016. It was bought by Liberty Group four months later, saving 740 jobs, and the company was then rebranded as Liberty Pressing Solutions.

Shortly afterwards Covpress Assembly entered administration, after an unsuccessful sales process, with Deloitte’s Matt Cowlishaw and Dominic Wong appointed as joint administrators.

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