A South Yorkshire-based wholesaler of stainless and alloy scrap metals has entered administration.
Administrators were called in to Haydn Morris Alloys Limited after the business was unable to recover from a drop in demand following the 2008 recession.
Andy Wood and Chris White of The P&A Partnership were appointed joint administrators to the company on 24 April.
Following the appointment of administrators, the four remaining staff at the company were made redundant.
Administrators said the business was “initially marketed” but a buyer could not be found.
Wood said: “It is frustrating to see a long-established local business cease to trade despite the best efforts of the dedicated team of directors and employees.
“Increasing raw material costs, falling selling prices and the slow recovery of the economy have all taken a toll on this business. In the end, these factors have proved too much for this particular company to survive.”
The remaining assets of Haydn Morris Alloys, which has been in business for over 60 years, have now been sold to a third party competitor.