Midland Coated Steel Limited (05562243): administration
- Status
- Administration ended
- Administration began
- 2013-06-06
- Administrators
- Richard Paul James Goodwin, Roderick Graham Butcher
- Administrators' firm
- Butcher Woods
- Formerly
- Stein Atkinson Stordy International Limited
- Incorporated
- 2005-09-13
- Location
- Birmingham
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
- Competition / price pressure
From the administrators' statement
Midland Coated Steel Limited was established in 2008 with the launch of a project to design and construct a new 30,000 metric tonne coll coating line in Brierley Hill, West Midlands The line was built and installed by Rimara Ltd and was specifically designed for the UK market with energy efficiency, low operation costs and short lead times tn mind
The project was funded by Rimara Ltd (60%) and an asset finance facility from Allied Irish Bank (40%) Trading began in 2009 after a ten-month installation and commissioning period The company utilised an invoice-discounting facility with Allied Irish Bank for working capital, in addition to a revolving credit facility of £1 Milton to purchase steel from an associated company Rimara Thermal Ltd
Unfortunately, Rimara Thermal Ltd’s core business, the supply of capital plant to the International steel industry suffered greatly due to the economic crisis and many of its international contracts were cancelled forcing the company to cease trading The company subsequently entered liquidation in May 2010 As a result of this, Midland Coated Steel’s available facilities were greatly reduced
Administrators' statement of proposals (2013-08-01) · Companies House register