A Merseyside-based automotive manufacturer has collapsed into administration after failing to secure a buyer, bringing an abrupt end to more than three decades in business.
Surface Transforms, which has operated since 1992, confirmed administrators had been appointed after efforts to rescue or sell the company proved unsuccessful. The Knowsley-based firm had been battling for survival following the loss of a major contract with General Motors, which previously accounted for around 84% of its revenues.
The company, known for producing high-performance carbon-ceramic brake discs used in supercars, had spent recent months seeking investment or a buyer while filing court notices to protect itself from creditors. However, despite engaging with multiple interested parties, no formal offers were secured.
Advisory firm Alvarez & Marsal was brought in to conduct a strategic review and explore potential deals, while Zeus Capital was tasked with identifying equity funding options. Both processes ultimately failed to deliver a viable solution.
In a statement, the company said discussions with all parties had now been terminated and warned that the administration process is unlikely to deliver any returns for shareholders.
The collapse has resulted in significant job losses, with the company previously employing up to 170 staff. Several directors, including Ian Cleminson, Julia Woodhouse, Mathew Taylor and Paul Marr, have resigned with immediate effect.
The failure marks a major setback for the Liverpool City Region, where Surface Transforms had been seen as a key advanced manufacturing success story. In 2023, the Liverpool City Region Combined Authority provided a loan facility of more than £13 million to support its growth ambitions.
Recent accounts showed the company had already drawn millions from that funding, with expectations that the full amount would be utilised by 2025. Local officials had been in discussions with the firm in recent weeks to assess its financial position.
Former employees have described distressing scenes as redundancies unfolded, with long-serving staff unexpectedly losing their jobs amid the company’s rapid decline.
Shares in Surface Transforms remain suspended on London’s Alternative Investment Market, bringing a quiet close to what was once hailed as a “world-class” manufacturing business.
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