Met Steel Group falls into administration

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.


Share this article



Latest Businesses for Sale

Consulting Engineers Focused on the Built Environment
London, UK

Unusual opportunity to acquire this national and well established, full service Mechanical & Electrical consulting engineering company. Offers invited.

Asking Price: £2,700,000
Turnover: £5,800,000

LEASEHOLD


Freight Brokerage Services
UK Wide

Works with a network of reliable hauliers to provide comprehensive and reliable logistics solutions on a national basis. Offers invited.

Asking Price: Offers Invited
Turnover: £420,000

RELOCATABLE


Food Manufacturer Specialising Flatbread Products
North of England, UK Wide

Has established a prominent position with clients in its industry due to its prestigious portfolio. Operates from two leasehold premises. Offers invited.

Asking Price: Offers Invited
Turnover: £671,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
23
 
May
 

Fintech company Loot collapses into administration | ADMINISTRATION

After failing to secure further backing from the Royal Bank ...

 
22
 
May
 

Spike in M&A activity in the education sector | BUSINESS SALE

In recent months, the education sector in the UK has witness...

 
22
 
May
 

Jamie Oliver restaurant empire collapses into administration | ADMINISTRATION

Celebrity chef Jamie Oliver, who shot to fame after campaign...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources