Thamesteel Limited (04624973): administration
- Status
- Administration ended
- Administration began
- 2012-01-25
- Administrators' firm
- Mazars
- Formerly
- Planttrack Limited
- Incorporated
- 2002-12-24
- Location
- London
- 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- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The steel making operation on the site at Sheerness commenced in 1972 The site was chosen because of its location and proximity to the docks, London and the South-East of England The facility was operated by a number of different parties until Allied Steel & Wire Limited purchased the company in 1999 before bemg placed imto Admunistrative Receivership durmg 2002
The assets relating to the Sheerness plant were purchased by the Group in 2003 and, following substantial caprtal investment, the plant once again became operational in March
Further capital expenditure was invested by the Group which included the commissioning of a new rod and bar mull together with a new ARC furnace during 2006 1n an attempt to seek icreased capacity at the facility The years ending 2007 and 2008 saw the benefits of thus capital expenditure as the company posted profits of £1 6m and £7m respectively (before tax)
Administrators' statement of proposals (2012-03-16) · Companies House register