Administrators from MCR have been called in to Hex Holdings, a nationwide distributor of refinish materials to bodyshops.
Matt Ingram and John Whitfield, partners at corporate restructuring firm MCR were appointed joint administrators of the Leicestershire-based company on September 6.
The company, with locations throughout the UK, is a supplier of paint, consumables, equipment, tools and panels to the refinishing industry.
Headquartered in Leicestershire, the company was established in 1970 and since that time expanded into Nottinghamshire, Warwickshire and the East Coast.
Since then, a number of acquisitions have been made and the company has now extended its reach into the West Country, South Wales and East Anglia, giving it a national footprint of 14 depots and sites.
With a turnover of more than £20million, Hex Holdings is one of the largest independent automotive refinish distributors in the UK, said MCR.
Ingram said: “The auto industry as a whole is a crucial part of "UK Plc", contributing £8.5bn added value to the economy. However, there is no doubt that the supply chain throughout the sector is still feeling the cold reality of the broader economic climate both here and abroad.
"We can confirm that at this stage the business is continuing to trade whilst a buyer is sought.”