Steel firm hunts buyer

A West Midlands steel company has called in administrative receivers and laid off staff after hitting a cash flow crisis. Wolverhampton Ironfounders of Crown Street, Wolverhampton, has called in accountants from BDA Stoy Hayward. The company will continue to trade while a buyer for the firm is sought. A total of 57 staff have been […]

A West Midlands steel company has called in administrative receivers and laid off staff after hitting a cash flow crisis.

Wolverhampton Ironfounders of Crown Street, Wolverhampton, has called in accountants from BDA Stoy Hayward.

The company will continue to trade while a buyer for the firm is sought. A total of 57 staff have been kept, but 51 have been laid off.

Account director Tony Mitchell confirmed that a recent downturn in orders had caused the cash flow problem.