NEWS

Sheffield steel firm Kiveton Park Steel Ltd goes into administration

Tuesday, Sep 29, 2015

A family steel firm near Sheffield has gone into administration, putting 120 jobs at risk.

Kiveton Park Steel Ltd makes specialist steel products for industry including the automotive sector.

A spokesman from FRP Advisory, appointed as administrators, said: "The Kiveton Park Steel business is fulfilling orders and the 120 staff are in work."

He said the business was being marketed for sale.

The firm, based on Dog Kennels Lane in Kiverton Park, has been under continuous family ownership since 1922.

FRP Advisory said it had recently faced "unsustainable pressure on its cash-flow due to a sharp deterioration within the specialist steel market".

'Tough times'

It said the company explored a number of options, including a solvent restructuring of the business, to secure the company's future.

However, this had been prevented "due to severe cash-flow pressures leaving the directors with no viable option but to place the company into administration", the FRP Advisory spokesman said.

Phil Pierce, joint administrator at FRP Advisory, said: "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.

"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."

The firm's factory was damaged by fire in 2009.

 

bbc.com

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