Administrators secure rescue deal for mouldings specialist

All jobs at a Redditch mouldings specialist have been saved, after the firm fell into administration.

P J S Mouldings has been sold to S M Automotive Division, a subsidiary of Stechford Mouldings, which has been operating in the West Midlands for more than 80 years.

All operations will transfer over to the purchaser as well as all 71 employees. P J S Mouldings specialises in precision plastic and injection mouldings, supplying a variety of industries, with a focus on automotive.

Rob Parker, Jon Roden and Helen Dale of Grant Thornton were appointed joint administrators of the company and secured the sale of the business and its assets.

Rob Parker, Director at Grant Thornton said: “We are very pleased to have completed a going concern sale of the business, which secures the continued employment for a loyal workforce in these challenging economic times. S M Automotive Division Limited appears to be a great fit for the business and well placed to serve its customers in the future”.

The Joint Administrators were advised on the transaction by the Squire Patton Boggs team and Hilco Valuation Services, in Birmingham. S M Automotive Division Limited was advised on the transaction by MFG Solicitors in Worcestershire.