Special Steel Manufacturer Put Into Administration
09/28/2015 - A U.K. special steel manufacturer has been placed in the hands of a court-appointed administrator while a buyer is sought for the business.
According to The Yorkshire Post newspaper, family-owned Kiveton Park Steel Ltd. was put into administration on account of insufficient cash flows. The company blamed the “sharp deterioration” within the special steel market.
Kiveton Park manufactures bright engineering steel bar and wire for products for the automotive, aviation, cold forming and machined parts industries, the newspaper said. The company was founded in 1922.
Phil Pierce and Ben Woolrych, partners of FRP Advisory, have been appointed as joint administrators.
“The steel business continues to go through some tough times, and it is unfortunate that a Yorkshire-based business with nearly 100 years of trading should be the latest to feel the squeeze,” Pierce told the newspaper.
“As joint administrators, 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.”
Kiveton Park manufactures bright engineering steel bar and wire for products for the automotive, aviation, cold forming and machined parts industries, the newspaper said. The company was founded in 1922.
Phil Pierce and Ben Woolrych, partners of FRP Advisory, have been appointed as joint administrators.
“The steel business continues to go through some tough times, and it is unfortunate that a Yorkshire-based business with nearly 100 years of trading should be the latest to feel the squeeze,” Pierce told the newspaper.
“As joint administrators, 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.”
