APDT blames rising costs and competition. It will be run as a going concern by administrator Grant Thornton. It hopes to find a buyer and plans no redundancies.
Grant Thornton is in the process of determining the company’s exact losses, but calls them “significant”.
APDT, previously known as AP Borg & Beck, makes OE and aftermarket clutches for companies like Ferrari, Aston Martin and Delphi and employs 183 staff. Last year it turned over £17m.
“The company had been losing money for a period of time, caused by increases in raw material costs and the emergence of low-cost economies in Asia and Eastern Europe,” says Paul Melville, partner at Grant Thornton.
He believes APDT’s “unique products and excellent engineering departments” will attract a buyer.