The company, which previously traded as Alloy Wheels International, blames price pressure, external competition and increased fixed costs for the closure of the Strood factory.
But aftermarket division Smiths Wheels will still trade and has licensed factories in Europe and Asia to continue the supply of Smiths products to the UK. Fintrade, which says its stock holding of wheels is large enough to cover the transitional period, plans to launch products next year.
Staff were told to leave work and not return on October 31 but remained in the dark about their future employment.
Now Fintrade has sent a letter to workers announcing the closure and telling them that redundancy notices are being sent out.