Coventry car parts supplier put in administration
A car parts supplier which employs about 350 people in Coventry has been put into administration.
CovPress Assembly Limited, which has a £40m turnover, has "not generated the anticipated profitability" said administrator Deloitte.
No redundancies have yet been announced, administrators said.
Associated company CovPress Limited was recently bought by Liberty House, securing 740 workers' jobs at a plant in Canley.
The business will continue to trade and work with customers to fulfil existing orders, Deloitte said.
Administrators said the company had been seeking a potential buyer, however, this was unsuccessful and the directors had no alternative but to place the company into administration.
Matt Cowlishaw, joint administrator, said: "We are hopeful that the administration process might now draw out interest in a sale of the business.
"The business operates from a state of the art facility, with a skilled workforce, capable of working in partnership with global automotive companies. Meanwhile, we are continuing to trade the business and work with customers to fulfil existing orders."