Wales 247 reported that Cardiff Docks UK based Bemaco Steel has been saved after it was bought out of administration in a deal that will secure all 20 jobs. Bemaco Steel’s Joint Administrators Mr Andrew Sheridan & Mr Jonathan Dunn of specialist business advisory firm FRP secured a pre-pack sale of the company to FXSteel, a connected party, in a deal worth GBP 4.6 million. Under the deal, the business will continue to be led by Mr Bulent Unal, previously the sole Director of the Bemaco Steel, alongside fellow Directors, Mr Murat Unal and Mr Mark Halley.Mr Bulent Unal said: “This deal represents a fresh start for what was historically a profitable business with a strong client base. Under the FXSteel banner, we remain a major steel broking, distribution and specialist laser cutting of tubular steel products business based in Cardiff Docks and our combined years of experience within the steel industry mean we are a trusted partner for product sourcing, material financing and distribution. I’m pleased to have secured the future of the business for our colleagues and construction sector customers at such an important time.”Bemaco Steel has been trading profitably for many years. However, a ruling against the firm in a contractual case in March 2022 left the business unable to continue as a going concern & Mr Andrew Sheridan & Mr Jonathan Dunn were appointed as administratorsMr Simon Bamford at Gordon Brothers and Mr Nigel Boobier at Osborne Clarke LLP provided valuation and legal advice, respectively.Bemaco was originally established in 1987 as shipping and forwarding company and also as general sales agent of Turkish Airlines Cargo. In 1990 Bemaco concluded first steel trading contract and have been active ever since in trading long, flat and tubular products. In 2000 Bemaco extended its operation into distribution of tubular products in the UK and Spain and we have been a leading distributor of hollow sections ever since. Bemaco holds a permanent stock of hollow sections of approximately 6000 tonnes and other steel products to provide the right level of service to steel stockholders. In 2011 Bemaco expanded our operation through the addition of tube laser cutting equipment. Bemaco Steel Trading is distributing 80,000 tonnes of mixed products per annum & working with Steel mills across the globe
Wales 247 reported that Cardiff Docks UK based Bemaco Steel has been saved after it was bought out of administration in a deal that will secure all 20 jobs. Bemaco Steel’s Joint Administrators Mr Andrew Sheridan & Mr Jonathan Dunn of specialist business advisory firm FRP secured a pre-pack sale of the company to FXSteel, a connected party, in a deal worth GBP 4.6 million. Under the deal, the business will continue to be led by Mr Bulent Unal, previously the sole Director of the Bemaco Steel, alongside fellow Directors, Mr Murat Unal and Mr Mark Halley.Mr Bulent Unal said: “This deal represents a fresh start for what was historically a profitable business with a strong client base. Under the FXSteel banner, we remain a major steel broking, distribution and specialist laser cutting of tubular steel products business based in Cardiff Docks and our combined years of experience within the steel industry mean we are a trusted partner for product sourcing, material financing and distribution. I’m pleased to have secured the future of the business for our colleagues and construction sector customers at such an important time.”Bemaco Steel has been trading profitably for many years. However, a ruling against the firm in a contractual case in March 2022 left the business unable to continue as a going concern & Mr Andrew Sheridan & Mr Jonathan Dunn were appointed as administratorsMr Simon Bamford at Gordon Brothers and Mr Nigel Boobier at Osborne Clarke LLP provided valuation and legal advice, respectively.Bemaco was originally established in 1987 as shipping and forwarding company and also as general sales agent of Turkish Airlines Cargo. In 1990 Bemaco concluded first steel trading contract and have been active ever since in trading long, flat and tubular products. In 2000 Bemaco extended its operation into distribution of tubular products in the UK and Spain and we have been a leading distributor of hollow sections ever since. Bemaco holds a permanent stock of hollow sections of approximately 6000 tonnes and other steel products to provide the right level of service to steel stockholders. In 2011 Bemaco expanded our operation through the addition of tube laser cutting equipment. Bemaco Steel Trading is distributing 80,000 tonnes of mixed products per annum & working with Steel mills across the globe
