By Anthony Clark Leamington Spa-based Plastic Engineering has gone into administration.

The firm, which specialises precision injection moulding of thermoplastics, predominately for the automobile and pharmaceutical industries, is continuing to trade.

The firm entered into administration on 2 September with Geoff Rowley and Gerald Smith, client partners of Vantis Business Recovery Services, appointed as Joint Administrators.

The move followed a loss of business from the automotive market. However, Plastic Engineering is continuing to trade and the administrators have spoken to a number of key customers and suppliers who have all been supportive. Rowley and Smith are optimistic that a buyer can be found for the business and assets as a going concern.

“We are doing all that we can to achieve a sale,” said Rowley. “Regrettably, of the 140 staff, we have had to make 40 redundancies to trade the business at a level where future losses are minimised.

“We are working with those affected to ensure all their claims are processed on a timely basis.”