Former chairman of collapsed Liverpool city region supercar brake disc maker Surface Transforms looks to revive the business in a £1.4m deal. Tony McDonough reports
A month after it collapsed into administration there may yet be a future for Merseyside supercar brake disc maker Surface Transforms (ST).
Administrators Alvarez & Marsal Europe announced late on Friday that the former chairman of Knowsley-based ST, Ian Cleminson, has acquired the business and assets for £1.4m.
ST had employed 170 people. Ten of those have transferred over to the new entity, known as CCST Limited, and Mr Cleminson intends to resume production at the same site hiring local workers.
ST manufactures carbon fibre reinforced ceramic automotive brake discs for high performance cars. Customers of the business include, or have included, Porsche, Ferrari, Jaguar Land Rover and Aston Martin.
In the last two years it has struggled with the challenges of ramping up production and had burned through significant volumes of cash. At the beginning of this year it was showing signs of having put those struggles behind it.
However, on March 3 ST said it had lost a contract with global automotive giant General Motors (GM). In 2025 GM accounted for £15.3m in sales – 84% of ST’s revenues and 85% of all its brake discs but said it would source its brake discs elsewhere from March 31.
ST believed it had a contract with the US carmaker until 2030 and had received operational support and financial assistance including advance payments of £14.4m. This sent the company into a tailspin from which it could not recover and it collapsed into administration on April 22.
Now the venture is set to be reborn under new ownership. Mr Cleminson has bought the trading business, computer systems, intellectual property, contracts, equipment, stock, records and goodwill of the company including the right to use the name Surface Transforms.
In a statement joint administrators Michael Magnay, Joanna Bull and Jonathan Marston, said: “The buyer is recommencing the manufacture of carbon ceramic brake discs from the existing site in Knowsley, Liverpool and will be looking to employ workers in the area with the requisite skill set to assist with this.”
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They added: “The buyer has agreed to pay the sum of £90,000 due to Close Brothers trading as Close Brothers Asset Finance in respect of assets financed by Close.
“The transaction has been undertaken in the context of the company’s administration and, in the view of the joint administrators, represents the best outcome available to creditors as a whole in the circumstances.”
ST had yet to repay a £13.2m ERDF loan via Liverpool City Region Combined Authority which it had already drawn down. It also owed around £400,000 from an earlier £1m Combined Authority loan.