CF Booth, a South Yorkshire-based metal recycling company, has been placed in administation.
James Lumb and Howard Smith from Interpath have been appointed joint administrators to the Rotherham-headquartered business.
Founded in the 1920s, CF Booth grew from a local metal trader to become one of the largest independently-run metal recycling companies in Europe.
A family-owned business, the business employed 168 staff and trades both ferrous and non-ferrous metals, as well as processing recycled materials for a range of customers across the UK and beyond.
It had experienced significant trading difficulties over recent months, exacerbated by rising energy and copper prices, as well as increases to the National Living Wage and the impact of environmental legislation, VAT and HSE penalties, and other regulatory pressures, all of which impacted cashflow.
In response, the directors explored options for sale and reinvestment, However, with no solvent outcomes available they decided to file a Notice of Intention to Appoint Administrators.
Operations at the company’s facility in Rotherham have now ceased while the joint administrators examine options for a possible sale of the business.
A total of 54 members of staff have been retained to assist the administrators but a further 114 people have been made redundant.
James Lumb, managing director at Interpath and joint administrator, said: “CF Booth has a long and storied heritage in South Yorkshire, not least for its role as one the largest rolling stock recyclers in the country, working with several of the main rail operating companies.
“However, as one of the largest manufacturers of copper-based products in the UK, the company has also been hit hard by the tremendous surge in copper prices seen over recent months.
“This, coupled with broader economic headwinds, placed unsustainable pressure on cashflow.
“While we assess the options available to us, we would ask any parties who may be interested in buying the company and its assets to make contact with us as soon as possible.”