Fri, 31 Jul 2015 | ADMINISTRATION
Leading steel fabrication specialists Kierbeck Thames has entered administration after struggling in a "difficult economic climate".
On 22 July 2015, BDO restructuring partners Matthew Tait and Martha Thompson were appointed joint administrators over the reinforcing steel supplier, which is part of the Saudi Arabian Al-Tuwairqi Group.
The Barking-based company, which previously employed 86 staff, has kept on just three employees to help the administrators wind up the company's affairs.
Kierbeck is the single largest supplier of rebar to the piling industry. Capable of producing 3,000 tonnes of rebar a week, the seven-acre site acted as an import facility from Germany, Portugal, Turkey, Belarus, Latvia and Spain.
Martha Thompson said: "Regrettably, the difficult economic climate and a reduction in orders have significantly affected Kierbeck Thames and, unfortunately, it has been necessary to make the majority of staff members redundant.
"The joint administrators are currently taking all necessary steps to maximise the realisable value of the company's assets for the benefit of all creditors, and we are liaising with customers regarding their outstanding orders."
Kierbeck Thames recorded sales of £27 million, but has struggled to make an operating profit for the past few years, according to Construction Enquirer.
The firm's steel was used in a wide range of large projects, including retail and commercial developments, civil engineering projects and hospitals and ports through London and the south east of England. The company also counted Balfour Beatty, Morrisroe Keltbray and Skanska among major customers.
See more details on Kierbeck Thames in administration
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