Buyer sought for Fin Machine Co

Buyers are being sought for Fin Machine Co (FMC). The Seaham-based manufacturer of special-purpose equipment for the automotive and air-conditioning industry has gone into administration after a lack of working capital affected its ability to meet demand. More than 200 jobs are at risk.

Joe McLean and Chris Petts of Grant Thornton have been appointed joint administrators. Mr McLean said: “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; it has been hamstrung by a lack of cash.

“With the support of employees and suppliers, we are striving to give FMC’s customers what they require, and they are already responding to this collaborative approach. We are hopeful that we may be able to attract someone to buy the business, which enjoys an excellent customer base that is truly global.”