More than 160 jobs saved at steel fabricator as part of operational restructure

Over 160 jobs were saved after administrators from KPMG managed to secure a restructuring deal for for a supplier of steel fabrication with operations in Middlesbrough, Hartlepool and Teesport Commerce Park.

Unfortunately, although 163 jobs were saved by the KPMG administrators, 52 employees were still made redundant, a news report in the local business media has been able to reveal.

SBV Fabrication and Site Services Ltd supplies the steel industry as well as energy sectors including nuclear and oil and gas. However, a significant one-off loss in relation to a major contract had led to unsustainable cashflow pressure at the company, KPMG said.

This resulted in the presentation of a winding up petition, following which SBV Fabrication and Site Services entered administration at the request of its directors.

Immediately upon their appointment, the administrators sold the company’s interest in a number of specified contracts and related assets to a newly formed entity, owned by the previous management, called SBV Engineering, in a deal which has saved 163 jobs.

The new company will operate solely from the Teesport Commerce Park site. However, 52 employees who did not work in the parts of business that were acquired have been made redundant.

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