Tue, 16 Feb 2016 | BUSINESS SALE
The Met Steel Group, based in Mallusk, County Antrim, has fallen into administration, with the Northern Ireland steel supplier stating that it has struggled to compete against cheaper imports from emerging markets in Asia.
The distressed business, which was involved in the fabrication, processing and distribution of steel products throughout the UK and Ireland, has now brought in administrators from Grant Thornton, who will be reviewing the company’s situation and will be in contact with all stakeholders imminently.
A statement from Grant Thornton said: "Met Steel Group Limited and Met Steel Limited (the companies) have been placed into administration, with Gareth Latimer and Stephen Tennant of Grant Thornton appointed as joint administrators".
Mr Latimer added: “We are currently reviewing the affairs of the companies. Over the coming days we will be in contact with all stakeholders and will develop strategies to maximise asset realisations”.
The last publicly published accounts show that Met Steel Group only made a £73,000 pre-tax profit on a turnover of £16 million.
The steel supplier is also the main shirt sponsor for Portadown Football Club, with company directors Roy McMahon and Trevor Marshall both on the club’s board of directors.
Met Steel Group employed 36 people at the time of going into administration.
View the latest UK businesses in administration.
This company specialises in supplying the highest quality natural stone products, offering a complete turnkey solution to its customers from sourcing, through to processing, design and final distribution and delivery. Offers invited.
RELOCATABLE
Precision Engineering Business for sale operating with a modern, well equipped machine shop, offering Engineering Development Modelling (EDM), CNC turning & milling, grinding, boring and fitting. Offers invited.
LEASEHOLD
High quality practice with strong middle management on the market for the first time. Established: 25 to 30 years. Strong middle-tier management to support acquirer throughout the transition period and on an ongoing basis. Locations: Cheshire, Mersey...
|
20
|
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
|
19
|
|
Sep
|
Smith & Williamson and Tilney to merge | MERGER
After revealing in August this year that talks were in place...
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources