The nationwide insolvency practitioners SFP has completed the sale of the assets of a well-established steel fabrication business design company.
SFP was appointed Administrators of Star Fabrications after the latter went into administration having been impacted by bad debts, a severe squeeze on margins, and an increasingly competitive market environment.
Established in 2005, the company traded in the design, fabrication and installation of steel structures and cladding. By 2014 the business’ turnover had peaked at £1.5m. On the advice of their accountants, Directors of Star Fabrications engaged SFP to assist them in placing the company into administration after a winding up petition had been applied for by John Parker & Sons Limited, Star Fabrications’ major creditor, in February.
SFP’s Simon Plant and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed as Joint Administrators on 13th March 2015. Daniel Plant says that despite stringent efforts to find a buyer for the business, none could be found, and all staff were made redundant: “A sale of assets has now been successfully concluded in order to maximise realisations,” he said.