More jobs lost as building meltdown hits steel firm
Mark Firmin and Howard Smith of KPMG’s Yorkshire Restructuring practice were appointed joint administrators of the company yesterday and are looking for a buyer for the firm, which was set up in 1867.
The company, which is thought to be the nation’s largest independent steel stockholder, has suffered due to the downturn in the construction industry which has significantly reduced orders for building products.
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Hide AdAfter a two-year cost-cutting drive, Barrett, which specialises in the design and building of steel structures, warned earlier this year the market remained “very weak” but had continued to invest and work on a number of high-profile projects.
In a statement, the administrators said: “Due to the lack of short-term order book, the Joint Administrators have mothballed the site and made 23 of the 40 employees redundant, while they look for a buyer and consider the options for the ongoing contracts.”