Published: 12th October 2016
A company which has been involved in making industrial fasteners since the 1870s has been entered into administration after succumbing to a persistent series of cash flow problems.
Williams Fasteners has seen its revenues declining for the past several years, with the struggles of the UK’s steel industry having contributed to its concerns.
The company has been based in Sheffield, South Yorkshire, since its founding back in the 19th century but also has operating bases in Manchester, Norwich and Bridgend in South Wales.
With Howard Smith and Jonny Marston from KPMG appointed as administrators of the business on October 6th 2016, a total of 50 members of its workforce have been made redundant.
Administrators were called in after efforts aimed at finding a new buyer for the business were made but did not result in a sale being completed or a viable buyer being found.
“In recent years Williams Fasteners has suffered a fall in turnover, resulting in cash flow difficulties,” explained Howard Smith, one of the appointed administrators in a statement. (…)
via Sheffield Fastener-Making Firm Heads into Administration.