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Tata Steel : contract dispute 'led to SBV administration'

03/03/2015 | 02:24am US/Eastern

THE administration of Teessidebased SBV Fabrication and Site Services Ltd was caused by cash"ow problems following a major contract dispute with Tata Steel.

An estimated Pounds 4.08m is owed to unsecured creditors following the company's administration, just before Christmas last year.

fie engineering srm provides steel fabrication, mechanical engineering, machining and engineering site services to the high- end industrial, infrastructure and process sectors, and employs more than 200 people at its two premises in South Bank and Hartlepool.

It operates in the energy, nuclear, oil and gas, marine, heavy industrial and process industry sectors.

Administrators Howard Smith and Jonny Martson, of KPMG, believe around Pounds 917,880 will be available for unsecured creditors following an online auction of plant, machinery and vehicles.

fie freehold of SBV's base on Dormor Way, South Bank, will also be marketed.

Details within a report on the administrators' proposals show SBV had been prostable until a dispute over variations on a sxed price contract with Tata Steel prompted cash"ow issues.

fie srm was then faced with a winding-up petition from plant hire specialists Hewden Stuart Limited.

It forced a pre-pack sale of the business to a new company formed by the management, trading as SBV Engineering, for Pounds 100,000.

According to the administrators' report, the new owners -- directors Samantha Condren and David Geary -- transferred 143 of the 185 staOE at the srm, while 42 were made redundant.

SBV had been snanced by GE and NatWest, who were owed Pounds 1.5m and Pounds 394,000 respectively.

Administrators expect both companies to recover their lending in full.

(c) 2015 ProQuest Information and Learning Company; All Rights Reserved.

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