Willenhall scrap metal firm rescued from administration
Conrad Beighton and Kirsty Swan from Leonard Curtis were appointed joint administrators and concluded the sale on the same day.
SEATTLE (Scrap Monster): A Willenhall scrap metal recycling business has been rescued from administration in a pre-packaged sale that saved all 13 jobs.
C Fullard (Metals) Limited, a fourth-generation company with over 80 years in the scrap metal industry, was sold to Fullard Bros (2006) Limited, administrators said.
Conrad Beighton and Kirsty Swan from Leonard Curtis were appointed joint administrators and concluded the sale on the same day.
Conrad Beighton said: “We are very pleased to have secured a sale of this well-established family-run business which had encountered significant trading difficulties but had a strong, underlying business model and excellent reputation. Protecting jobs was a priority.”
Issues affecting the wider scrap metal sector had impacted the company in the last 12 months, together with increased operating costs and the effect of tariffs which marginalised profits.
Several customers ceased trading, causing cashflow issues, while the loss of key senior personnel had also affected the business.
Cerberus Asset Management and Cerberus Receivables Management assisted with the sale process, together with solicitors Rachael Bentley and Rachael McCusker from Leonard Curtis Legal.
Courtesy: www.thebusinessdesk.com