A HEREFORDSHIRE business has plunged into liquidation after the war in Ukraine and Brexit led to a decline in orders.
Marshfield Crosskeys, based in Mortimer Road, Hereford, has gone into voluntary liquidation, with liquidators appointed to wind up the company.
A notice on the public record site The Gazette said that Malcolm Rhodes and Luke Venner, of Bishop Fleming LLP, Bristol, had been appointed as liquidator to wind up the company.
The company said it had seen a significant decline in orders following the substantial increases in steel prices arising from Brexit and the war in Ukraine, said a spokesperson for Bishop Fleming LLP.
Vladmir Putin invaded Ukraine in March 2022, and the war is continuing.
By late 2022 Marshfield Crosskeys was not producing sufficient work to cover its overheads and the difficult decision to cease trading and take steps to place the company into liquidation was taken.
The director had invested heavily in the company and was owed a significant sum on closure, they said.
“Unfortunately, the position was unsustainable given the steadily worsening position caused by circumstances largely outside of their control,” said the spokesperson.
All assets have since been sold at auction.
Marshfield Crosskeys described itself on its website as a diverse fabrication and mechanical engineering company based in Herefordshire.
The company said it offers all aspects of steel fabrication and mechanical engineering and a full range of transport available.
It formed in early 2012 after re-structuring of an old company with a view to expansion and pushing toward manufacturing on a larger scale.
Since then, it has extended its workshop facilities by taking on the adjacent unit in addition to its existing premises and added new vehicles.