Shares temporarily suspended in Walsall castings and engineering group Chamberlin
A Walsall-based specialist castings and engineering group has suspended trading of its shares until it reports its annual results.
Trading in Chamberlin shares on AIM (Alternative Investment Market) was temporarily suspended on Monday.
In a statement to the London Stock Exchange, the firm said it was “temporarily” putting a halt to the buying and selling of its shares, which were priced at 7.4p.
Last month Chamberlin lost its second major contract in the space of two months.
Automotive supplier BorgWarner Turbo Systems in the United States is to cancel all contracts with effect from January 22.
All staff in the Chamberlin machine shop in Walsall were furloughed in November after the customer for its largest contract, representing about 75 per cent of its output, informed the business of an earlier transition to the evolution of its next product which had been awarded to another supplier.
The machine shop on the Maple Leaf Industrial Estate had already been experiencing volatile demand due to Brexit, Covid-19 and customer safety stock building.
Chamberlin has said it will not be able to conclude the audit of the accounts for the year to the end of March 2020 until further work was completed.
