Date Published: 5th October 2016
Administrators at business rescue and recovery specialists Begbies Traynor have been appointed to a Newport-based business which has been placed into administration.
AIC Steel Limited was established to acquire the business and assets of Rowecord Engineering Limited which was placed into administration in May 2013. The acquisition by AIC went through in March 2014. The company trades from Usk Road, Newport, Gwent.
Joint administrators David Hill and Huw Powell – from Begbies Traynor’s Cardiff office – were appointed on October 4, 2016.
The company, a steel fabricator and erector business, employed 130 employees. Yesterday, 101 employees were made redundant. The remaining 29 employees will continue to assist the business.
Begbies Traynor is currently investigating the viability of continuing trading, while the administrators have also begun efforts to secure a buyer for the business.
David is a chartered accountant and licensed insolvency practitioner. He joined Begbies Traynor in 2003 having previously worked for Grant Thornton, Deloitte and BDO Stoy Hayward. He has a wide range of experience in Corporate Rescue and Recovery including both corporate and personal insolvency.