Staff at a Stratford-based motor components firm face an uncertain future after receivers were called in to take control of its financial affairs.

A new buyer is being sought for Finelist after it was put into receivership last week.

More than 300 staff work at the headquarters in Birmingham Road.

Nationally the company employs more than 5,500 people in 600 different places. It was bought by a French firm earlier this year. Its subsidiaries include Motorworld.

Finelist had threatened to move out of Stratford after complaining that efforts to find a new headquarters were taking too long because of slow negotiations with the district council.

They originally signed up to buy a slice of the £1.6m Shottery Brook Business Park, but then pulled out.

Since then a company called Color Estates has bought the entire site to develop.

Stratford District Council Economic Development Manager Phil Homer said the site was re-marketed once Finelist pulled out, and they have not been involved since.

He said that work was nearly complete on building the road to link the new business park.

Three administrative receivers have been brought in from Ernst & Young to try and solve the Finelist crisis.

Alan Bloom, Corporate Restructuring Partner said:

“We have already received a number of expressions of interest for the business which we are trading as a going concern.

“We are very confident of finding a buyer for Finelist plc and we are currently looking at the most effective way of packaging it up for a sale.”