Metal thieves have forced a Black Country packaging firm to close after three lorries laden with £150,000 of stainless steel were stolen.
The devastating attack has signalled the end for West Bromwich-based Fastpack (2000) Ltd.
The entire 15-strong workforce has been laid off.
The firm operated on Eagle Industrial Estate in Bagnall Street, Great Bridge, and called in administrators following the theft which left it struggling with debts of £160,000 and unable to continue.
Announcing the news today, Daniel Plant, a partner of London-based administrators SFP, said the break-in had crippled the company financially which led to it shutting.
He said: “Regrettably we were obliged to close the business as there were no expressions of interest in acquiring it as a going concern.”
Metal thefts have reached epidemic proportions across the West Midlands in recent months.
Churches and school roofs have been stripped of lead, copper has been taken from electricity sub-stations, supermarket trolleys have been stolen, lorry loads hijacked and cars pinched and scrapped.
A global construction boom in countries such as China has increased demand for metals such as copper.
A major fight back against metal thieves was launched at the beginning of August by West Midlands Police after figures showed attacks have doubled in the last year.
2 Comments
No insurance ??
Insurance doesnt do any good if you got people who you owe money to. the company will have had to pay for the lost steel. Insurance payouts dont happen that quickly, so yes things like this can and do put businesses out of business