Stricken Liverpool city region supercar brake disc maker Surface Transforms files third notice of intention to appoint administrators but buys more time to explore other options or find a buyer. Tony McDonough reports

More than a month after the devastating loss of its biggest customer, supercar brake disc maker Surface Transforms (ST) is still resisting the option of a collapse into administration.

On Thursday afternoon the Knowsley-based venture, which employs 170 people, filed its third notice of intention (NOI) to appoint administrators. This gives the business more time to explore other options or find a buyer.

Filed at the High Court, an NOI protects the company against any creditor enforcement action for a further period of 10 working days.

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.

It 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.

In a statement to the stock exchange on March 12, the AIM-listed business suspended trading in its shares and filed a Notice of Intention (NOI) to appoint administrators.

On March 20 it said it was launching a strategic review and formal sale process for the company. It added it had engaged in multiple discussions with key stakeholders to seek additional funding to support continued trading activities. On March 25 it filed a second NOI.

In its latest statement ST said: “Following the announcements on March 12, 2026, and March 25, 2026, the company confirms that a third NOI has today been filed at the High Court to appoint Michael Magnay, Jonathan Marston, and Joanna Bull of Alvarez & Marsal Europe as joint administrators.

“Notwithstanding the settled intention of the board to appoint joint administrators, the third NOI provides time for the company and its advisers to continue ongoing discussions with the aim of maximising value for all stakeholders.”

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. However, as of the beginning this year it was showing signs of having put those struggles behind it.

Recent events also bring into question the repayment of a £13.2m ERDF loan from Liverpool City Region Combined Authority which it has already drawn down. It also owes around £400,000 from an earlier £1m Combined Authority loan.