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SFP appointed administrators of P.F.T. Metal Products PDF Print E-mail
Friday, 24 July 2015

The nationwide insolvency practitioners, SFP, has been appointed administrators of P.F.T. Metal Products Limited, after the latter breeched a Company Voluntary Arrangement (CVA).

Following a period trading as a sole trader, the metal fabricator was established as a limited business in 2005, and predominantly supplied fabricated sheet metal products to the lift industry. The company had five employees and turned over c£0.5 million per annum.
 
After entering the CVA, the Company experienced increased pressure from creditors together with the loss of supplier credit. In addition, following the insolvency of a major customer in February 2014 the Company experienced significantly reduced sales and severe cash flow problems which obliged the company’s director to seek help.

SFP’s Simon Plant and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed as Joint Administrators on June 17th, 2015.
 
A valuation of the business and assets was completed, and a sale of the business and assets of the Company was completed to existing management on 18 June 2015 and all jobs were saved.
 
Simon Plant, Joint Administrator, said that manufacturing still proves to be a tough sector and the appointment to this administration demonstrates that many manufacturers are still experiencing difficult trading: “P.F.T. Metal Products Limited was a successful and established business, with a good customer base,” says Simon Plant.

“Despite arranging a CVA, the company continued to struggle. Thankfully however, following the restructure, a buyer of the business and assets was found and all employee jobs have been saved.”

(Source - SFP Press Release)
 

 

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