Langley Steelworks LTD

SFP Appointed to Place Steel Fabricator Business Into Administration

Langley Steelworks Ltd was a Manchester based steel fabricator. Having entered a Company Voluntary Arrangement in 2018, the business suffered a downturn in trade and was unable to maintain CVA payments.

Following a review of options, the Director took the decision to place the company into Administration. Following their appointment, the Joint Administrators conducted a full review of the businesses circumstances. The review established a complicated set of circumstances which required regularising.

Following a number of redundancies – required to stabilise the business and reduce unaffordable overheads – the Joint Administrators entered into a settlement agreement with an associated entity to regularise the position.

Simon Plant, Joint Administrator commented, “entering into a CVA may appear like a good option at the beginning, to get some relief from creditor pressure. It is important, however to remember that most arrangements run for 3 – 5 years and can be very difficult to maintain for that period.” Simon continues, “if a company is in a CVA and struggling, you should consult the appointed Supervisor or an insolvency professional to discuss what options there may be”.

“Their communication and support throughout the whole process was outstanding, I would recommend their services should a business find itself in difficulty.”

Five Times Winner
Best Business Recovery Specialist

“I found working with the team at SFP easy and professional. They told me what was going to happen, when and how it would be managed; then they did their job.”

“Excellent Service. Introduced our company to other companies that has helped move our business forward.”

Six Times Winner
Best Asset Based Finance Broker