Recievers have been called into part of the BSA company.
Accountants from Ernst & Young have been appointed to run the company. So far ten potential purchasers have registered their interest with E&Y, with the firm confident a buyer can be found for all or part of the business.
E&Y partners Garry Wilson and Alan Hudson were appointed last week to run four companies from BSA Holdings, which employs 100 people in the Midlands and has its headquarters in Redditch.
The pair have also been appointed to run BSA Advanced Sintering, a subsidiary of BSA Holdings, operating from its manufacturing site in Ipswich. BSA Holdings has turnover of £30 million and 270 employees.
E&Y said there were no plans to make any redundancies while a search for a buyer was under way.
The receivership also includes Redditch Properties, which owns the estate occupied by the castings business, and BSA Holdings, the group's holding company.