Administrators appointed to 165 year-old tool manufacturer
ADMINISTRATORS have been appointed to a band saw blade welding company from Sheffield after a main supplier terminated their contract with the firm.
Simonds Industries (Sheffield) traded from Tyler Street and specialised in welding and supplying band saw blades to European customers.
It said on its website that it had manufactured and supplied precision tools for more than 165 years.
Adrian Graham of insolvency practice Graywoods was appointed on 17 November 2016.
Upon their appointment, the company ceased to trade and seven employees were made redundant, with one being kept on to aid administrators.
The director completed a management buyout of the precision tool business and assets in 2013.
For the period ending December 2013 the company made a loss of £12,700 but for the year ended December 2015 the company made a loss of £1,200, which was due to cost cutting measures by the new owners.
In November 2016, however, the company’s main supplier cancelled their supply agreement with Simonds, and legal action was launched against the company by several creditors. This led the director to seek advice on the firm’s insolvency.
