A mid-sized scrap metal dealer in the South East has gone into administration after ceasing trading in December amid challenging market conditions.
Matthew Tait and Martha Thompson from accounting firm BDO were appointed joint administrators for Kent-based Aylesford Metal Company Ltd on 16 January.
They said the company had stopped its operations before filing for administration and all the employees had been made redundant and BDO was working to maximise payments for creditors.
Tait said: “The joint administrators are exploring a number of options with key stakeholders and are encouraged by the level of interest that has been shown so far.”
Aylesford Metal Company used to process ferrous and non-ferrous metals.
Difficult market conditions in the industry continue to put businesses under pressure. According to MRW’s latest ferrous report, operators across most of the UK reported a fall in prices throughout January of up to £15 per tonne.
Merchants also reported subdued prices in the non-ferrous market, with copper falling up to £20 per tonne in the last week of January. Nickels and alloys, aluminium, lead, zinc and brass prices have remained largely stable.