A 146-year-old Sheffield company has shut down with the loss of 50 jobs due to losing orders, cash flow difficulties and a large pension deficit.
Williams Fasteners, of Shepcote Way, Tinsley Industrial Estate, closed after an ‘accelerated sale process’ failed to find a buyer.
Accountancy firm KPMG was appointed administrators on Thursday and shut the firm down immediately.
Joint administrators Howard Smith and Jonny Marston of the firm’s restructuring practice made 50 of its 55 employees redundant, retaining five to help them.
Trading in Sheffield since 1870, Williams Fasteners supplied the railway, construction and manufacturing industries. As well as its South Yorkshire head office, it had branches in Norwich, Wales and Manchester.
Howard Smith said: “The company suffered a decline in turnover in recent years as a result of reduced customer levels, particularly due to the deterioration of the steel industry, leading to cash flow difficulties. The company also had a large pension deficit which it was unable to sustain.
“In recent years Williams Fasteners has suffered a fall in turnover, resulting in cash flow difficulties. As the company was unable to pay debts as and when they fell due, the directors took steps to appoint administrators.
“Unfortunately, a buyer for the business has not been found, and as such redundancies have been made following our appointment. We are assisting employees during this difficult time.”