“The primary reason for the regrettable decision was the age and health of the owners,” Rallyspeed general manager Bernard Brennan said.

The company has sufficient forward orders through to December 2018.

Rallyspeed’s major customer, Toyota, will collaborate with the company to manufacture older products to satisfy their customers’ demand post the cessation of manufacturing.

Current and more recent products will be transitioned to other suppliers, as will future product currently being developed by Rallyspeed engineering staff, assuring their employment until the closure.

The company will source appropriate retraining for their staff and engage with them to understand and pursue opportunities.

“We are confident the decision to collaborate with customers to effect an orderly wind down was in the best interest of the staff and management, given this isn’t an immediate closure of the plant,” Mr Brennan said.