Birmingham-based automotive components supplier Shaftec Holdco is facing an uncertain future, TheBusinessDesk.com understands.
The company has filed a notice of intention to appoint an administrator through law firm Addleshaw Goddard, giving it 10 days of protection from creditor action while it considers its next steps.
Founded in 1979, Shaftec introduced its brand in 1995 and is believed to have been the first UK remanufacturer of CV joints and driveshafts.
The company has grown into a well-known remanufacturer and supplier of drive, steering, and braking components for passenger cars and light commercial vehicles.
With more than 500 distributors, Shaftec supplies remanufactured and new components, including driveshafts, brake callipers, hydraulic steering racks and pumps, and has a growing focus on electric power steering components, along with CV joints and boot kits across the UK and European aftermarket.
In 2018, the firm secured private equity backing from Ardenton Capital to support growth. Over the last 20 years, the business has concentrated on its UK distribution but has been looking to expand further into the European aftermarket via independent distributors and buying groups.
The company traces its origins to a small Birmingham operation and is now recognised as a market leader in the remanufacturing sector. According to its latest accounts, Shaftec employs 114 staff.
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