Allslade Steel Fabrication was a company operating in Portsmouth, England until late 2008 when it entered administration. The company made high quality steel products for use in construction among other things. A move to a new factory in 2008 and the costs associated with it left the company in financial trouble and as a result, administrators were called in. In June 2009, Melham Group bought the company and merged it into its other operations. The steel factory in Portsmouth was left abandoned. The following is a news report about the sale.
Nottingham-based Melham Group has acquired Portsmouth-based construction engineering firm Allslade Plc after the company went into administration.
Allslade employs 100 staff and went into receivership in December. Accountancy firm Grant Thornton was appointed as administrators.
HW Corporate Finance (HWCF) advised the bank RBS in the deal. Partner Richard Hall led the team and was aided by assistant director Alex Conway.
Grant Thornton brought in HWCF to consider different approaches to restructuring Allslade after higher steel prices and the commissioning of a new plant had stretched its working capital.
HWCF produced a business plan, introduced an interim financial director from its panel, dealt with the bank and assisted in the short-term cash flow management of the business. With no additional capital available to support the business, HWCF executed an accelerated disposal process, using an independent insolvency practitioner to complete a pre-pack sale saving the business and more than 80 jobs.
Text curtosy of World Abandoned.
