Rimstock Ltd enters administration

The UK’s last remaining wheel manufacturer, Rimstock Limited, has entered administration. Chris Pole and Ryan Grant from Interpath Advisory were appointed Joint Administrators of Rimstock Limited on 5 July 2023. There have been no redundancies amongst the company’s 74 staff while options are explored.

Rimstock entered administration after facing “financial difficulties over the last 12 months”, according to the administrators Interpath Advisory. Interpath reports that Rimstock’s management appointed Interpath in order to “support in ongoing discussions with key stakeholders and investors in an attempt to secure funding for the business”. However, those negotiations were unsuccessful. And therefore, the management took the decision to place Rimstock into administration.

Founded in 1985, Rimstock has been supplying wheels to 40 countries since then. The Group’s leading aftermarket alloy wheel brand Team Dynamics is well-known amongst the global motorsport community.

In 2018, a new plant was fully commissioned on site, specialising in the manufacture of forged alloy wheels, with multi-million-pound support from the UK Government’s Regional Growth Fund. Indeed, the company is said to be the only manufacturer in Europe with rotary forge capabilities.

The administrators report that they are working with management and the company’s key customers to ascertain the level of support for ongoing trading. They are also continuing to review all of the options for the business and any parties and expressions of interest have been welcomed.

Chris Pole, managing director at Interpath Advisory and Joint Administrator, commented: “Rimstock is the UK’s only alloy wheel manufacturer, supplying into some of the world’s best-known luxury car brands. Unfortunately, however, the many challenges facing industrial manufacturers across the country, including rising raw material costs, have proved to be insurmountable in this particular case. Our immediate priority is to understand customer requirements for future supply and assess whether there is any interest in the business as a going concern.”

In 2016, Rimstock was bought by Safanad. Click here for further background information on Rimstock’s wheel operation in the UK.