A Wolverhampton-based manufacturer of competition wheels for motorsport teams across the world has collapsed into administration.
Compomotive Motorsport Wheels has ceased trading following a sustained period of falling turnover.
Matthew Ingram and John Whitfield of financial advisory firm Duff & Phelps were appointed as joint administrators of Components Automotive 73 Ltd on 10 September 2013.
The pair took the decision to cease trading the business. All 24 employees had been made redundant prior to the appointment of Duff & Phelps.
Before its closure, the company had been in operation since 1973 and made a range of competition wheels for motorsport teams and also classic and special order bespoke wheels. The company generated a turnover of about £1.5m.
Compomotive said on its website that its wheels had contributed to drivers and teams winning more than 300 championships in recent years, including in the World Rally Championship.
Matthew Ingram of Duff & Phelps said: "Despite its strong brand reputation the business has been suffering from declining turnover for a sustained period, largely due to cheaper imports and a subdued trading environment. This has ultimately resulted in its closure and the unfortunate loss of 24 jobs in the local economy."
