Rimstock Limited - administration

Rimstock Limited, a West Bromwich-based company and the last remaining wheel manufacturer in the UK, entered administration on 5 July. The company was forced to close for an extended period of time during Covid-19 and, as a result, its aluminum smelter was closed down, leading to the loss of 135 skilled roles. The company reportedly experienced a decline in sales after that, which was exacerbated by the economic conditions and increasing cost of raw materials. Joint Administrators Chris Pole and Ryan Grant of Interpath have made no redundancies amongst the company’s 74 staff while they explore options. Shawbrook Bank Limited has five registered charges against the company, while Hsbc Equipment Finance (UK) LTD and Safanad Wheels Limited (As Security Agent) each has one.