Tue, 29 Sep 2015 | ADMINISTRATION
A steel company in Sheffield has appointed administrators after pressure on cashflow proved too much.
Kiveton Park Steel Ltd, which manufactures bright engineering steel bar and wire products, appointed Phil Pierce and Ben Woolyrch as joint administrators from FRP Advisory to handle the matter and the team are now looking to sell the distressed business.
The administrators explained that the firm has been up against “unsustainable pressure on its cashflow due to a sharp deterioration within the specialist steel market”.
Prior to appointing the FRP team, Kiveton had explored other options, including a solvent restructuring to attempt to secure the firm's future. But these plans failed to come to fruition and the company was pushed into administration, however, the firm is still fulfilling orders and its 120 staff are still in work.
Kiveton has been under family ownership since 1922. Its factory was damaged by fire in 2009 but it is thought that it is market pressures that have caused the bulk of its current problems.
Mr Pierce commented further: “We will be focusing on delivering Kiveton Park's existing customer orders where possible, whilst constantly reviewing the financial position with a view to establishing a long term solution for the business in the interests of all the creditors.”
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