Island Steel (UK) Limited (02987985): administration
- Status
- In administration
- Administration began
- 2024-02-13
- Administrators
- Stephanie Sutton, Tom Straw
- Administrators' firm
- RSM
- Formerly
- Island Steel Ltd.
- Incorporated
- 1994-11-08
- Location
- London
- Industry
- 46720 Wholesale of metals and metal ores
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
- Brexit
- Competition / price pressure
From the administrators' statement
Relevant extracts from the company’s audited financial statements and management accounts are summarised below:
£000
6 months ended Period ending FY21 (Audited) ( aucitec FY23 (Stat) ana sement accounts) Turnover 24,784 20,452 10,399 1,373 Costs of Sales (20,346) (15,813) (11,742) (2,135) Gross profit 4,438 4,639 (1,343) (762) Operating (3,204) (3,196) (2,491) (563)
Administrators' statement of proposals (2024-02-29) · Companies House register