A local business employing approximately 350 people in Coventry has gone into administration, it has been confirmed.
CovPress Assembly Limited, a car parts supplier, has not yet announced any redundancies and the business will continue trading.
CovPress occupies the factory on the right. (Photo: BBC)
But the firm has not “generated the anticipated profitability”, according to administrators Deloitte.
“We are hopeful that the administration process might now draw out interest in a sale of the business,” said Matt Cowlishaw, joint administrator.
“The business operates from a state of the art facility, with a skilled workforce, capable of working in partnership with global automotive companies.
“Meanwhile, we are continuing to trade the business and work with customers to fulfil existing orders,” he added.