Grantham-based metal fabricator company S.S.T. Process Engineering, which has entered administration, claims it was due to an uncertain market related to Brexit, resulting in all seven staff members being made redundant.
The company, which was established in 1994, believes that the uncertainty in the market caused by the EU Referendum was the reason for the lack of work and its directors concluded that the business was no longer viable.
Administrators Adrian Allen and Steven Law of RSM Restructuring Advisory LLP are currently working with agents John Pye & Sons Limited to realise the company’s assets.
Adrian Allen, RSM Restructuring Partner and one of the Joint Administrators, said: “A high percentage of the company’s client base are owned by European parent companies and concerns over a Brexit significantly reduced the number of pipeline orders for the Grantham-based business, which triggered the need to place the company into administration and protect the assets for the benefit of the company’s creditors.
“We continue to work with our professional advisers to assess our options with a view to maximising realisations for creditors.”
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