The firm which made the 2012 London Olympic torch has gone into liquidation.
Premier Sheet Metals, part of Premier Group, based in Exhall, has confirmed it had fallen victim to the coronavirus crisis and, after 25 years, had been forced to close.
The firm brought huge acclaim not only to Nuneaton and Bedworth, but also the region and the country when it was chosen to help make the iconic torch.
The Premier Group manufactured more than 11,000 torches for London 2012, which were carried throughout the 70-day relay in the lead up to the games.
« As a result of the deteriorating market conditions within the automotive sector which were further compounded by the onset of Covid-19, the company was forced to close all of its operating facilities together with the suspension of all production activity.
« The effect of this has been to severely impact the company’s short term cash flow position and although the shareholder has made substantial cash injections into the company in an effort to keep it afloat, this proved insufficient particularly as they were not able to secure other funding necessary to enable the company to continue to trade, largely due to the absence of any certainty in the marketplace.
« Following a review of the company’s financial position and cashflow requirements by the company’s advisors, it became apparent that Premier Sheet Metal ( Coventry ) Ltd could not generate sufficient sales and in turn cashflow to enable it to continue to trade.
« Therefore, very regrettably, and after a period of over 25 years of trading, the difficult decision was taken to commence the process of placing Premier Sheet Metal (Coventry) Limited into liquidation.
« The other companies within The Premier Group (Coventry) Limited remain unaffected. »
In its latest available accounts, for the year to 31 March 2019, the company achieved a turnover of £12.2m and a pre-tax loss of £2.6m.
It was only a matter of years ago that the firm unveiled a new £600,000 engineering centre and employed more than 160 people.
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