Wagon Automotive, one of the UK’s biggest car parts makers, has called in the administrators this morning, putting 500 UK jobs in jeopardy.
Talks to save the firm - which has an annual turnover of £860 million and makes panels for Honda, Ford, General Motors, Land Rover and Nissan – collapsed over the weekend after banks refused to lend it any more money.
The supplier employs around 4500 people across Europe.
Wagon needed a €50 million (£43m) funding package to stay afloat. It’s understood that €30 million (£25.9m) had been secured from the car makers it supplies, with a further €10 million (£8.6m) added by boss Wilbur Ross.
But crucial lender the Royal Bank of Scotland declined to offer the final €10 million (£8.6m) to keep the firm going.