A Solihull-based engineering services firm has entered administration, with KPMG appointed as administrators.
Arden Precision Limited, established in 1980, is a specialist engineering services and fabricated metal product provider. The company entered administration following a period of cash-flow problems.
The firm employs a total of 43 staff and administrators have confirmed no redundancies have been made.
Will Wright and Mark Orton, partners at the KPMG restructuring practice, were appointed to the company on 19 December.
Wright said: “Arden Precision Limited is a well-established company which, following significant capital investment for expansion of the business, ran into cash flow problems.
“It is our intention to continue to trade the business while we look for a buyer, and we have been encouraged by the number of interested parties who have contacted us so far.
“We would hope to achieve a positive outcome for what is a respected business.”