A Sheffield wholesaler of high quality stainless and alloy scrap metals has called in administrators from the P&A Partnership after more than 60 years in business.
Founded in Sheffield in 1952, Haydn Morris Alloys Limited was forced to call an end to six decades of profitable business after never recovering from the drop in demand caused by the recession of 2008.
Andy Wood and Chris White of The P&A Partnership were appointed joint administrators on 24 April 2014 and said the business was initially marketed but a buyer could not be found.
When they were appointed, only four employees remained at the business and all have been made redundant. The remaining assets of Haydn Morris Alloys have now been sold to a third party competitor.
Andy Wood said: “It is frustrating to see a long-established local business cease to trade despite the best efforts of the dedicated team of directors and employees.
“Increasing raw material costs, falling selling prices and the slow recovery of the economy have all taken a toll on this business. In the end, these factors have proved too much for this particular company to survive.”
The P&A Partnership is a leading specialist business turnaround and insolvency firm with offices across the UK, including London. Its support for business includes restructuring, finance broking, debt collection and selling assets.