Bedwas steel company goes into administration
Bedwas-based building firm Ultimate Steel Fabrications Limited has gone into administration after it accrued debts of £160,000.
Insolvency practitioners SFP has been appointed Administrator to the company, which is based on the Pant Glas Industrial Estate in Bedwas.
The company stocks a wide range of steel for use by local manufacturers and also fabricates components for the building trade. Having traded for only six months, its approximate annual turnover would have been £800,000.
According to the company website, Ultimate Steel was originally formed in 2007 in Cardiff and was then incorporated as Kwik Steel with three partners.
In 2009 one partner restarted as Ultimate Steel and as the new company grew was relocated to Bedwas.
Then in October 2011 to coincide with a new partner coming on board, Ultimate Steel (Fabrications) was established.
SFP’s Simon and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed Joint Administrators on April 20 2012.
Simon Plant, Group Partner at SFP, said the construction sector is extremely competitive in the current economic climate with major building firms putting a squeeze on suppliers and margins.
He said: “There are still too many suppliers chasing too little business.”
A spokesman for SFP added that the company ceased trading in March 2012 and made its four employees redundant. However, the four have been re-employed by an associated company.Follow @CaerphillyObsvr