Struggling British car parts supplier Unipart Automotive is on the brink of calling in administrators, which would result in the loss of some 1,600 jobs, unless it can magic up some funding from somewhere.
Sky News reported that the 200 branch company has filed a notice of intention to appoint KPMG to act as administrator.
The Oxfordshire based company, which was once the shirt sponsor of Oxford United Football Club, said it was hopeful of securing a rescue deal prior to KPMG's formal appointment at the end of the week, and save most of the jobs.
Back in May it was reported that Unipart had completed a refinancing which included new injections of capital from its shareholders.
The largest independent supplier of car parts, Unipart was once part of British Leyland. It was sold to Dutch private equity firm H2 Capital Partners in 2011.
IBTimes UK contacted Unipart Automotive which said that, at the moment, it is purely speculation. KPMG declined to comment.