20th May 2024 19:02
(Alliance News) - Chamberlin PLC on Monday appointed administrators to the company's two trading subsidiaries, Chamberlin & Hill Castings Ltd and Russell Ductile Castings Ltd.
The move comes after the Walsall, West Midlands-based specialist castings and engineering group failed to secure rescue funding amid deteriorating trading.
As a result, Chamberlin said earlier this month that it had "regrettably" resolved to start an insolvency process.
Chamberlin named Raj Mittal and Benjamin Jones of FRP Advisory Trading Ltd as the administrators.
In addition, Cavendish Capital Markets Ltd has resigned as nominated adviser and joint broker with immediate effect.
Shares in Chamberlin remain suspended from trading and should a replacement nominated adviser not be appointed within one month, the admission of the company's shares to trading on AIM will be cancelled.
By Jeremy Cutler, Alliance News reporter
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