Britain’s last remaining manufacturer of alloy wheels has been rescued by a 21-year-old who is also vying to buy Morecambe Football Club.

West Bromwich-based Rimstock, which makes forged wheels for luxury marques including Aston Martin and Bentley, has been bought out of administration by Sarb Capital, the investment vehicle of Sarbjot Singh Johal.

The financial details of the transaction were not disclosed by Interpath, the administrators, but it was understood to be a multimillion-pound deal.

“I am delighted to have played a part in saving such an iconic business,” Singh Johal, who is based in Solihull, said. “It is integral not only as a critical supplier to the UK car manufacturing industry but also to the local community as a major employer.”

He promised further investment “to grow this important business”.

Chris Pole, the joint administrator, said the sale to Sarb “preserves a significant number of jobs in West Bromwich”.

Singh Johal has a number of business ventures, which are financed using his family’s money. He set up Vitanic, a non-alcoholic drinks brand, in 2017 and this year has been working on a deal to buy Morecambe, the League Two football club.

Rimstock was set up in 1984 by Steve Neal, the founder of the British Touring Car Championship title winners Team Dynamics. He died in July, aged 82.

The company is one of two manufacturers in Europe with the spin forges required to make premium-forged wheels. Rimstock also counts McLaren, Ferrari and Jaguar Land Rover among its customers and also supplies wheels to motorsport teams and militaries.

Rimstock fell into administration with 76 staff in July but continued trading while Interpath sounded out potential buyers.