Wed, 03 Apr 2019 | ADMINISTRATION
A steel stockholding company located in Dudley, West Midlands has collapsed into administration due to funding difficulties after a potential sale failed to transpire.
Meridian Metal Trading Limited has been forced to call in financial advisory firm Duff & Phelps to handle the administration process, with partners Allan Graham and Matthew Ingram appointed as joint administrators.
The company, which was founded in 1987 in Grazebrook Industrial Park, operates service centres in Guildford and Sheffield, and sales offices in Bolton and Newport, South Wales.
It produces and supplies galvanised, cold reduced, hot rolled, electro zinc and aluminised sheared blanks and slit coil sheets of both drawing and high strength grades. In addition to this, the service centres in Guildford and Sheffield offer a bespoke service to customers, offering to cut-to-length its products to suit individual needs.
Graham said: “Meridian is one of the largest, fully independent steel stockholders and processors in the UK and one of the best-known stockholders in the sector. The company processes steel sheet and coil, and supplies close to 250,000 tonnes of steel to hundreds of customers annually.
“It is our intention to continue to trade the business until a buyer is found, a process that we do not think will take long as there are already a number of expressions of interest. As of today (03 April 2019) there have been no redundancies and it is very much business as usual.
“We are receiving great support from the experienced workforce, suppliers and customers to find a positive outcome.”
Click here to view the Meridian Metal Trading Limited listing for full details.
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