Fifty jobs rescued as Oldbury steel firms sold
Fifty jobs and four centuries of tradition have been rescued after two steel making businesses were sold out of administration.
The move ensures that steel processing on the two sites in Bromford Lane in Oldbury will continue.
Bromford Lane has a steel-making heritage which goes back 400 years, and which began with the production of swords during the reign of King James I.
Mike Denny and Matthew Hammond of PwC were appointed as joint administrators of D&J Steels Limited on September 11, and Bromford Iron & Steel on September 23.
Now they have been sold out of administration in two separate transactions. The administrators have not yet disclosed the identity of the buyers.
Mike Denny, joint administrator and director at PwC in the Midlands, said: “We’re delighted to have achieved going concern sales for both businesses during a challenging time for the steel industry.
“The sales have preserved all jobs within the businesses, and will minimise disruption to key customers.
“Both D&J and Bromford had faced financial difficulties due to a combination of steel price volatility and high energy costs, which were compounded by the withdrawal of credit insurance.
“We’re pleased with the outcome achieved, which ensures the long history of steel processing on this site spanning over 400 years continues.”
D&J Steels Limited is a specialist steel stockholding business serving the engineering, forging, fabrication, oil and gas sectors since 1970.
Bromford Iron & Steel, which can trace its roots back to 1610, is a leading producer of hot rolled flats, sections and custom profiles supplied worldwide.
Bromford Mill dates back to 1610, when the site was used for making swords using local iron ore.
In 1690 it was converted into a flattening mill when it was taken over.
Among its more recent owners have been motorway crash barrier maker Hill & Smith, which took Bromford over from Ash & Lacy in 2000, before selling to specialist steel manufacturing group OSSL in 2014.