![\"\"](\"https:\/\/www.autotrade.ie\/wp-content\/uploads\/2018\/12\/Shaftec-facility.jpg\")
<\/p>\nShaftec Automotive Components has entered administration and ceased trading, resulting in the loss of around 90 jobs.<\/p>\n
The Birmingham-based manufacturer of drive, steering and braking components, had been facing sustained financial pressure linked to increased costs and rising competition from lower-cost imports.<\/p>\n
Despite an extensive marketing process, Shaftec was unable to secure a new buyer and has now closed. The company’s official website has also been deactivated. <\/p>\n
<\/p>\n
Most of Shaftec’s employees have been made redundant, with a small number temporarily retained to assist with the winding-down of operations.<\/p>\n
Affected staff are being provided with support, including assistance with applications to the Redundancy Payments Service.<\/p>\n
The Independent Automotive Aftermarket Federation (IAAF) and its recruitment partner Glen Callum Associates, have also pledged their support to Shaftec employees in their search for new opportunities.<\/p>\n
Anthony Collier and Richard Goodall of FRP Advisory were appointed as joint administrators to the company.<\/p>\n
\u201cShaftec was a well-respected name in the UK automotive aftermarket with a strong heritage spanning more than four decades,” Collier said.<\/p>\n
“Regrettably, it has come up against strong economic headwinds felt across the industry and, despite significant efforts to secure a sale, it was not possible to find a buyer for the business.<\/p>\n
\u201cOur immediate focus is on supporting affected employees and ensuring an orderly wind-down of the company\u2019s affairs.” he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shaftec Automotive Components has entered administration and ceased trading, resulting in the loss of around 90 jobs.<\/p>\n","protected":false},"author":3160,"featured_media":35507,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[616],"class_list":["post-35506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-shaftec"],"yoast_head":"\n