Aartee Bright Bar Limited (03725308): administration
- Status
- Administration ended
- Administration began
- 2023-02-06
- Administrators' firm
- Alvarez & Marsal
- Formerly
- Acenta Steel Limited; Niagara Lasalle (UK) Limited; Greydove Limited
- Incorporated
- 1999-03-03
- Location
- Brighton
- Industry
- 24100 Manufacture of basic iron and steel and of ferro-alloys
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- COVID-19
- HMRC / tax arrears
- Supply chain disruption
- Cash flow / liquidity pressure
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 3 March 1999 and is a wholly owned subsidiary of ASGL (the “Parent”). The Company was a manufacturer and distributor of hot rolled, cold finished, turned and polished steel bars to the UK and international engineering steel market and operated from six sites across the UK. The Company occupies four freehold properties (the “Freehold Properties”), which are owned by ABBPL and leases two properties (the “Leasehold Properties”) from third party landlords, as listed below.
Freehold Properties (owned by ABBPL)
1) Bright Bar & Steel Services, Planetary Road, Willenhall, WV13 3SW (“Willenhall”) 2) Hot Rolled, Peartree Lane, Woodside, Dudley, D&2 0QS (“Dudley”)
Administrators' statement of proposals (2023-04-08) · Companies House register