BI Composites calls in the administrators

A major Midlands manufacturer has called in administrators, with Chantrey Vellacott appointed to the business.

Joint administrators Kevin Murphy, Craig Povey and Brian Hamblin, all partners at Chantrey Vellacott, have been appointed to BI Composites.

BI Composites is one of the UK's leading manufacturers and distributors of moulded components made from composite materials and employs around 120 across its two sites.

Hamblin said: 'One of the major factors in the business going into administration is due to the company being saddled with a defined pension scheme deficit of more than £4m.

'The underlying business however should be profitable and this is reflected in the fact we already have a number of parties interested in buying the business.'

The company is a wholly owned subsidiary of BI Group plc, which is continuing to trade as normal and is not affected by the administration.

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