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.
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