UK-based iron and steel group, Bondshold Limited (Bonds), appointed restructuring partners from Deloitte to enter administration on Dec 20, according to local media.
The Bonds group comprises of three specialised foundries which have the capacity to manufacture high-chrome content castings of high integrity alloy steel (0.1 – 70kg), lower to mid-weight (50 – 2,500kg), and large/complex iron and steel (20,000kg).
The company experienced challenging market conditions through its exposure to the steel sector and operational challenges following the integration of newly-acquired businesses, as per Deloitte administrators.
Bonds acquired Bradken’s Scunthrope-based, 22-acre foundry and machining facility (rebranded to Bonds Heavy Castings) in October 2016, seeking to turnaround the fortunes of the struggling facility with the help of local government funding.
The company employs around 219 people nationwide at its three operational sites- Bonds Heavy Castings (Scunthorpe), Bonds Foundry (Crook, County Durham), and Bonds Precision (Alston, Cumbria).