Automotive Precision Holdings crashes

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AN ENGINEERING company that makes parts for the automotive industry has gone into administration, casting doubt over more than 400 jobs. Surrey-based Automotive Precision Holdings admitted that administrators had been appointed after talks to refinance the business had collapsed.

The company, which employs 433 staff, said it had experienced trading difficulties and had been in talks during the last few days to discuss a solution. It requested the London Stock Exchange to suspend its shares pending clarification of its financial position. The group’s half year pre-tax losses had widened to 1.5 million from 1m last year.