Howard Smith and Jonny Marston from KPMG's Restructuring practice were appointed Joint Administrators to SBV Engineering on 24 October 2016.
The company, which is based on Teesside, supplies steel fabrication and associated services to the steel industry, as well as energy sectors including nuclear and oil & gas.
In October 2015, the business suffered a significant drop in sales after its major customer, SSI UK, entered liquidation, which also left SBV Engineering with substantial losses in relation to the account.
The business was able to continue to trade following the liquidation of SSI by raising additional finance and rescheduling its major creditors. However, it became clear this month that it could not continue to service its liabilities, particularly given the burden imposed by the amounts owing from the collapse of SSI, and so Administrators were appointed to the business.
Upon appointment, after being unable to find a buyer for the company, all 38 members of staff were made redundant.
SBV Engineering was formed in December 2014 following the administration of SBV Fabrication and Site Services Ltd.
Howard Smith, Associate Partner at KPMG and Joint Administrator, said:
"SBV Engineering has struggled to recover from the loss of a major trading partner and the wider, well-documented challenges facing the UK steel industry. We will now work to wind down the business, provide support for the employees and explore options to realise assets.”
Any parties interested in the assets of the company are encouraged to contact the Joint Administrators.
Asset enquiries should be directed to Andy Thompson on 0113 231 3317.
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