Liverpool city region supercar brake disc maker Surface Transforms remains on the brink of administration but secures more time to find a buyer for the business following the devastating loss of its biggest customer. Tony McDonough reports

Supercar brake disc maker Surface Transforms (ST) secures another 10 working days to find a buyer but remains on the brink of administration.

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.

Knowsley-based ST, which employs 170 people, 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.

In a fresh update on Wednesday afternoon ST confirmed that it had filed a second NOI to appoint administrators. It filed at the High Court to appoint Michael Magnay, Jonathan Marston, and Joanna Bull of Alvarez & Marsal Europe as Joint Administrators.

This latest NOI protects the Company against any creditor enforcement action for a further period of 10 working days.

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Its statement added: “The company is continuing to work alongside Alvarez & Marsal to explore all options and is engaged in discussions with potential interested parties.

“Notwithstanding the settled intention of the board to appoint joint administrators, the second NOI provides time for the company and Alvarez & Marsal to progress 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.