A Midland automotive components business has been bought out of administration, saving around 65 jobs.

Administrators at the Birmingham office of PKF Accountants & business advisers have sold Metal Pressings Group Ltd to local competitor Ricor for an undisclosed sum.

Ricor managing director John Beary said such consolidation was sensible given the current difficult times for the sector.
Ricor, which has a £14 million turnover and employs around 100 people, operates from the Arrow Works site in Studley, near Redditch.

It produces components and assemblies for first and second tier automotive businesses including products for steering systems, seat structures and fuel tank assemblies and many other applications. Ricor is a well-established business with manufacturing facilities in the UK and central Europe. It holds all major accreditations including TS16949 / ISO14001 and OHSAS18001.

Metal Pressings Group, also based in Studley, operates across two sites.

Mr Beary said the plan was to move the Metal Pressings’ Studley Road operation in to the Arrow Works site while retaining the Howard Road site.

He added: “With the downturn in the market our sector needs to consolidate to get through these difficult times.

“This will give us a wider customer base within existing markets and entry into new non automotive sectors.

“We believe this gives us security and stability in the short term and leaves us well placed to take advantage of the recovering markets going forward.”

Ian Gould and Eddie Kerr at PKF handled the administration.

Mr Gould said: “We are delighted to have achieved this sale and saved a significant number of the jobs involved.

“Ricor and Metal Pressings are a good fit and hopefully the expanded business has a strong future ahead of it.”

Metal Pressings Group, which had employed 175 people, called in the administrators in January.

It blamed adverse trading conditions and a decline in demand for its demise. The £20 million turnover business, which was originally founded in Birmingham over 75 years ago, was a major supplier to original equipment manufacturers (OEMs) and other manufacturers in the automotive supply chain. It also built up a portfolio of non-automotive clients.

The company has had a long association with the Midland manufacturing industry.

Metal Pressings Group was created out of several acquisitions of other local companies. It acquired Component Metal Pressings in 1996 before taking over Dudley-based Sedgley Design & Engineering and Sedgley Pressings in 1997. In 2001, it picked up Progression Presswork, which was based in Market Drayton, and in 2003 it bought Redditch-based Fowkes & Danks.