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

Fibre Optic & IT Cabling Solutions
South East, UK

Designs, supplies and installs fibre optic and IT cabling solutions for clients throughout the UK and Europe. Offers electrical, structured cabling and network/Wi-Fi solutions, AV equipment and LAN/ethernet, in addition to project management, consult...

Asking Price: Offers Invited
Turnover: £2,247,561

LEASEHOLD


Importer of Toys & Gifts for the Leisure Industry
UK Wide

Imports an extensive selection of toys and gifts, which are sold to trade customers throughout the UK and internationally. Has established a strong reputation within its sector for its innovative product range, competitive prices and exceptional serv...

Asking Price: Offers Invited
Turnover: £6,135,933

FREEHOLD


Mental Health Recovery Programmes
UK Wide

Provides psycho-educational mental health recovery and well-being programmes and professional recovery practitioner accreditation, delivering support from BACP and BPS accredited professionals to individuals throughout the UK and internationally. Has...

Asking Price: Offers Invited
Turnover: £1,500,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
14
 
Jul
 

Directors of distressed companies get more breathing space | BUSINESS NEWS

The temporary suspension of wrongful trading provisions intr...

 
13
 
Jul
 

Yorkshire retailer Peter Jones enters administration | ADMINISTRATION

Well-known Wakefield-based retailer Peter Jones has entered ...

 
10
 
Jul
 

Mobile phone supplier and recycler goes into administration | ADMINISTRATION

Mobile phone refurbishment company Redeem UK has gone into a...

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