SFP administrators rescue Fixing Centre
Administrators from insolvency practice SFP has sold Woking-based steel structures business Fixing Centre, saving 17 jobs, and staving off closure
13 Jul 2017
In 2016, the company reported a turnover in the region of £5m until rising overheads severely hit cashflow and HMRC intervened.
As a result, SFP joint administrators Simon and Daniel Plant were appointed on 26 June 2017, and have managed to secure the business’s future, along with those of its 17 employees, in a going concern sale to SSR Limited.
Administrator Simon Plant said: ‘The company had struggled since the economic crash of 2008, with associated business failure as well as increasing overheads being the primary causes for the company’s downfall.
After looking closely at the businesses finances it could not continue trading, hence the decision to place it into administration. The new owners SSR Limited are looking to keep a greater focus on financial management. We are pleased to see that the future of the company has been secured along with a brighter future for its employees.’
Founded in 1989, Fixing Centre specialises in stainless steel reinforcement and structural anchoring systems for road and rail bridge contractors.