AIC Steel Limited (08870009): administration
- Status
- Administration ended
- Administration began
- 2016-10-04
- Administrators
- Katrina Jane Orum, Huw Powell
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2014-01-30
- Location
- Cardiff
- Industry
- 25110 Manufacture of metal structures and parts of structures
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 30 January 2014 with the pnncipal activity of the Company being structural design, detailing, fabncation and erection of steel structures having acquired the business and assets of Rowecord Engineenng Limited (In Administration) in March 2014
The Company's ultimate parent undertaking in which its results are consolidated is AIC Steel Group Limited (‘the Group”), a company incorporated in Saudi Arabia The Company's intermediate parent undertaking Is AIC Steel Fabncation Limited
The Group saw the Company as a route to break into the UK steel market and provided working capital facilities to support trading losses that were anticipated to be incurred Although a number of high profile projects were won and delivered, losses in the first 12 months of trading exceeded expectations, particularly on projects where the Company was acting as main contractor
Administrators' statement of proposals (2016-12-07) · Companies House register