More than 200 jobs are in the balance at The Fin Machine Company (FMC) as the £15m turnover company looks for a buyer. The Seaham based company supplies specialist equipment to the automotive and air conditioning industry. Lack of working capital has forced the company, which was established in 1985, to call in the admistrators.
Joe McLean and Chris Petts of Grant Thornton were appointed joint administrators to the business on 21 August 2013.
"There is a healthy demand for the company's products but it has not been able to look after the customers in the way that it would like and has been hamstrung by a lack of cash." Said Joe Mclean.
In the year to 31 December 2011, FMC reported a pre-tax loss of £1.3m on sales of £14.8m.