Sat, 09 Jul 2016 | ADMINISTRATION
SST Process Engineering, a metal fabricator business based in Grantham, Lincolnshire, has been placed into administration, with trading ceased and all seven employees made redundant.
Uncertainty in the market in the wake of the EU Referendum was cited as the main reason for the present situation, following a drop in work, with the directors having resolved that the business was no longer tenable.
Adrian Allen and Steven Law of RSM Restructuring Advisory LLP have been appointed as joint administrators and have teamed up with agents John Pye & Sons Limited to sell off the company's assets.
Mr Allen revealed more about the reason behind SST Process Engineering being in administration: “A high percentage of the company’s client base are owned by European parent companies and concerns over a Brexit significantly reduced the number of pipeline orders for the Grantham-based business, which triggered the need to place the company into administration and protect the assets for the benefit of the company’s creditors.”
A public viewing of the business took place yesterday (8 July 2016) and an online auction is to run on Monday 11 July.
Established for more than 25 years, SST Process Engineering offered design, manufacture and repair of special purpose process equipment such as Shell, Tube Heat Exchangers and Pressure Vessels, from 7,500 sq ft of fabrication plant and offices in Grantham.
Contact the administrators here
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