Cardiff-based ASW Holdings plc and its trading subsidiaries, which include Castle Nails, a leading supplier to the timber pallets and packaging sectors, have gone into receivership.
Richard Hill and Roger Oldfield of KPMG Corporate Recovery were appointed joint administrative receivers on July 10 for the group which turns over about £270m.
Mr Oldfield said: “This is a classic example of the problems facing a traditional UK manufacturing business which historically has sold half its product overseas. The group has suffered from the strength of the pound and has also been hit badly by cheaper products from overseas and the impact of the increased US tariffs on steel imports.
“The management has worked tirelessly in the hope of securing a purchaser for the company for several months. We will be continuing these discussions as well as reviewing other options which include seeking other buyers for all or parts of the business.”
