Knowsley firm hires restructuring advisers and starts ‘cost rationalisation exercise’
Supercar brakes firm Surface Transforms has appointed restructuring advisers and filed a notice of intention to appoint administrators as it deals with the fallout of losing its biggest client. The Knowsley business, which two years ago received a £13.2m loan through Liverpool City Region Combined Authority, announced last week it had lost its contract with global car giant General Motors (GM).
GM last year provided 84% of the group’s revenues and had also given it millions of pounds of support. Surface Transforms said the contract loss had a “material impact on the company’s ability to trade”.
Today Surface Transforms announced its shares would be suspended from trading on AIM and that it had appointed Alvarez and Marsal (A&M) as corporate restructuring advisers, with directors working with A&M to “understand the options available to the company to provide the best outcome for all stakeholders”.
The company also said it had “initiated a cost rationalisation exercise as a consequence of the reduced production volumes” following the contract loss. It will start consulting with staff over potential redundancies and layoffs.
The board also confirmed it was filing with the High Court a notice of intention to appoint A&M as administrators. It said that once the notice was filed “the company will be protected against any creditor enforcement action for a period of ten working days and will continue to work with A&M on the options available to the company”.
Surface Transforms is the UK’s only manufacturer of carbon‐ceramic brake discs. In 2023, Liverpool City Region Combined Authority announced that Mayor Steve Rotheram’s Urban Development Fund – part funded by the European Regional Development Fund (ERDF) – was offering a £13.2m loan to the business to help it grow its Knowsley base and to create jobs.
At the time, Surface Transforms CEO Kevin Johnson said: “We are delighted to have secured this capital expenditure loan, which will enable us to execute our strategic growth plans and further strengthen our position as a leader in carbon fibre reinforced ceramic automotive brake discs.”
BusinessLive last week asked the Combined Authority what Surface Transforms’ announcement might mean for its loan. A spokesperson said: “We are aware of the situation and are in dialogue with the company to fully understand the current position. It would not be appropriate to make any further comment at this time.”




