Warwickshire firm that made the 2012 Olympic Games torch goes bust

An automotive agency that made the 2012 London Olympic torch has gone into liquidation.

Premier Sheet Metals stated it blamed “situations inside the automotive sector which had been additional compounded by the onset of Covid-19”.

Primarily based in Exhall, Warwickshire, the agency stated a fall in gross sales had affected its money circulate and will now not commerce.

It produces sheet steel components for the automotive sector, which has been struggling all through the pandemic.

A spokesman for the agency stated regardless of “substantial money injections”, further funding couldn’t be secured, “largely as a result of absence of any certainty within the market”.

“Following a assessment of the corporate’s monetary place and cashflow necessities by the corporate’s advisors, it grew to become obvious that Premier Sheet Steel (Coventry) Ltd couldn’t generate adequate gross sales and in flip money circulate to allow it to proceed to commerce,” he added.

“Subsequently, very regrettably, and after a interval of over 25 years of buying and selling, the choice was taken to start the method of putting Premier Sheet Steel (Coventry) Restricted into liquidation.”

Different corporations inside the group stay unaffected.