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Jobs relief at steel firm Hi-Tech Steel Services
THIRTY jobs have been saved at a steel processing and stockholding firm that went into administration.
Hi-Tech Steel Services, based on Bold Industrial Estate, had a turnover of £40m but after suffering heavy losses over the previous three years administrators David Thornhill and Geoffrey Rowley, of FRP Advisory, took control of the business on October 13 last year.
Three weeks later, directors, led by managing director Ian Gorman and sales director Chris Gardner of St Helens-based CIP Trading, agreed to buy the assets, stock and goodwill of the business, backed by financial services group Close Brothers and a private investor.
Close Brothers Invoice Finance and Close Brothers Asset Finance provided more than £6m in funding to CIP Trading Ltd to secure the future of the business.
Keith Rose, senior sales director at Close Brothers Invoice Finance, said: “We are delighted to have had the opportunity to work with the management team at CIP.
“Our relationship has been ongoing for a number of years and we have been very impressed with the experience and commitment of all at the business, which encouraged us to finance the buyout and secure employment for so many people.”
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