Surface Transforms plc was founded in Liverpool in 1992; the company went on to be listed on the London Stock Exchange a decade later in 2002.

The company has now fallen into administration after it lost a contract to supply carbon-ceramic brake discs to its main client General Motors.

Warning on 3 March it was having financial difficulties, it posted a notice of intention to appoint administrators.

Then on 22 April, it called in Alvarez & Marsal joint administrators Michael Magnay, Jonny Marston, and Joanna Bull.

In an update on the London Stock Exchange last week, Surface Transforms said the action was taken ‘for the purpose of achieving a better result for the company's creditors’.

Administrators shed some light on what had occurred after General Motors notified the company that it was going to change suppliers for the automotive parts.