Kiveton Park Steel Rescued after Being in Administration for Nine Months

4th July 2016

Henry Dickinson Buys Historic Yorkshire Manufacturer Around 50 jobs have been saved at Sheffield-based Kiveton Park Steel after the business was bought out of administration.

Kiveton Park Steel, which has major contracts including a global car parts manufacturer, has been purchased by Henry Dickinson and will continue to operate from its existing 15-acre site on Dog Kennel Hill. Established in 1922, Kiveton Park Steel is a world class manufacturer of drawn steel bar and wire, with a full suite of in-house capabilities available also on a sub-contract basis, including acid cleaning, heat treatment, peeling, drawing, heat treatment, automated ultrasonic inspection and mechanical testing, with both automotive and aerospace accreditations. The business went into administration last September and at the time the administrators, FRP Advisory, said it had faced "unsustainable pressure on its cash-flow due to a sharp deterioration within the specialist steel market". Following talks with a number of interested parties, the business has now been bought by Henry Dickinson. The buyer is looking to safeguard around 50 jobs as part of the deal. The transaction has been supported by ABN AMRO Commercial Finance. Its comprehensive asset based lending package provides acquisition funding for the deal and growth finance for the business. ABN AMRO Commercial Finance was advised by Dean Gormley, Banking & Finance partner at Irwin Mitchell. James Elliott, Business Development Manager at ABN AMRO, said: "The UK steel industry continues to face some very tough trading conditions and this rescue deal therefore provides some much needed positivity for the sector. Henry Dickinson is looking to take the business forward and is confident that Kiveton Park Steel, with its processing capability and loyal customer base, has a viable future."

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