RSM appointed administrators of Midlands-based supplier

Chris Lewis and Diana Frangou of RSM UK Restructuring Advisory LLP have been appointed joint administrators of Metalast Limited.

Founded over 15 years ago and with its operations in Dudley, West Midlands, the company was a supplier of ballast and counterweight products primarily to the marine, civil engineering, and heavy lifting industries. Turnover was approximately £2.6m in 2022, with the company employing five people.

The business was severely impacted by the war in Ukraine which effectively halted sales to two of its main markets in Russia and Ukraine.

The Administrators are seeking a buyer for the business or alternatively, will look to maximise realisations from the company's assets, for the benefit of its creditors.

Diana Frangou (pictured), joint administrator at RSM UK said: “Regrettably, due to the cashflow issues, the company has been placed into administration.

“This business failure illustrates the knock-on effect of the war in Ukraine on some sectors of the UK economy. We will be exploring opportunities to sell the business as a going concern following the appointment and any enquiries should be directed to me in the first instance.”