Dudley ballast firm whose business was hit by Ukraine war is now seeking buyer
A buyer is being sought for a Dudley supplier of ballast and counterweight products that has seen sales hit by the war in Ukraine.
RSM UK Restructuring Advisory has been appointed administrators of Metalast at Blackbrook Valley Industrial Estate, Narrowboat Way.
Chris Lewis and Diana Frangou are the joint administrators.
The company was founded more than 15 years ago and supplies products primarily to the marine, civil engineering and heavy lifting industries. Turnover was approximately £2.6 million last year, with the company employing five people. Its Phoenix Works site is 20,000 sq ft.
The business was severely impacted by the war, which effectively halted sales to two of its main markets in Russia and Ukraine.
The administrators are seeking a buyer and will also look to maximise realisations from the company’s assets, for the benefit of its creditors.
Diana Frangou said: "Regrettably, due to the cashflow issues, the company has been placed into administration. This business failure illustrates the knock-on effect of the war in Ukraine on some sectors of the UK economy.
"We will be exploring opportunities to sell the business as a going concern following the appointment and any enquiries should be directed to me in the first instance."
