Manufacturer to close Staffordshire site

Manufacturing group Castings is to close its site in Lichfield as part of the restructuring of its machining division.

CNC Speedwell produces engine parts, brackets and other automotive components and employed around 300 people across its two sites in Brownhills and Fradley.

Its most recent published accounts, for the year to March 2017, showed the division’s turnover fell by £10m to £23.3m. A new management team was subsequently brought in to lead a turnaround of the business.

Castings chairman Brian Cooke said: “Whilst we still expect the trading results of the machining business to improve during the second half, the level of reorganisation is such that we do not foresee it returning to profitability during this financial year.

“As part of the reorganisation, we are closing the Fradley site and consolidating the machining business to operate from the newly built facility at Brownhills.”

The Brownhills site, which is opposite Castings’ headquarters, is about nine miles from its Fradley factory.