Administrators from Birmingham business advisers Baker Tilly are looking to save a Corby-based rubber firm after the collapse of its parent firm pushed it into administration.
Codan Rubber, which makes hoses and belts, went into administration on February 16.
And Baker Tilly has now put the business up for sale and said it is convinced that its substantial market potential would be recognised by automotive and industrial suppliers looking to improve their foothold in the UK.
Restructuring and recovery partner Graham Bushby said: "Codan is a well-established company with a circa £3.3 million annual turnover. It supplies both the automotive and industrial marketplaces from a 40,000 sq ft leasehold factory and warehouse in Corby and has a substantial customer base and forward order book.
"A key reason for Codan’s financial failure was the insolvency of its parent company in Italy and the knock-on effect that this has had on operations in the UK. The local effects of the worldwide recession and the severe downturn of business in the automotive sector have also contributed to Codan’s losses.
"Unfortunately, as part of the turnaround process we have had to make 15 of the circa 50 employees redundant. However, the business is still trading with the full support of its customers and workforce and we believe the company can make commercial progress under the right ownership."