Brite Band stainless in administration
UK supplier and processor of stainless steel slit coil Brite Band company Ltd have appointed administrators the P&A partnership of Sheffield (Full listing at the bottom of the page). The business was run by Jonathon Hanson, the Hanson family have been established in processing stainless steel narrow coil for over 30 years. The Brite Band name name has been used or very similar several times before including Briteband 1990 so it is expected that Hanson won’t be away from the industry for long. Company house records in the UK show that he is already a Director of other stainless related businesses .
The demise off Briteband follows several similar business failures in the UK stainless steel industry in 2009. Nobody knows for sure the reasons behind the latest one but the economic down turn has caused many problems for the industry. A knock on effect of a failure like this is that other manufacturers and suppliers of stainless steel who could be effected by the debts incurred along with other related processors and haulage contractors.
There will also be potentially let down customers of Briteband who now have to look for new suppliers both in the UK and oversees. They are the second notable slit coil supplier to hit financial problems following Allied stainless earlier this year. With prices starting to rise and companies like Outokumpu now pointing towards better times the outlook for the industy should be improved.
Full listing
In the High Court of Justice (Chancery Division) Leeds District
Registry No 1833 of 2009
THE BRITE BAND COMPANY LIMITED
(Company Number 02502514)
Nature of Business: Wholesaler of Metal & Metal Ores.
Registered Office of Company: 93 Queen Street, Sheffield S1 1WF.
Date of Appointment: 7 July 2009.
Joint Administrators’ Names and Address: Christopher Michael White
and Gareth David Rusling (IP Nos 9374 and 9481) both of The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF
Joint Administrators (875594)
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Dear Sir,
I read with interest your article “Brite Band Stainless in administration” of July 24, 2009 and wish to clarify some of the points raised. I am Christopher Paul Hanson, the older brother of Jonathan Hanson referred to.
I would like to correct that “The Brite Band Company Limited” was not run by the entire Hanson family as your article may suggest. The only members of the Hanson Family who were responsible for the day to day operation of Brite Band were, to the best of my knowledge, my younger brother Jonathan Patrick Hanson (director) and my mother Thelma Marion Tempest (Financial Director). Mr Russell Thomas was the remaining director of the company and he is not a member of the Hanson family.
I am a shareholder of ” The Briteband Company Limited ” but have never been a director , and have not been involved in the running of the company.
I have my own modest trading company , Kong Ying Stainless Company Limited , regsistered in Hong Kong where I have lived and worked since 1987.
In fact, I am also a creditor of The Brite Band Company Limited and have suffered financial loss in connection with the company. I have already written to my fellow creditors volunteering to return my share of an “Interim Dividend” in the sum of GBP 225,392.86 that was declared on April 6, 2009 by the board of The Brite Band Company Limited pending investigations as to whether it was appropriately declared in light of the fact that the administration proceedings commenced so soon after, that is, on July 7, 2009.
I would be obliged if you could publish this letter to clarify the points raised in the article.
Yours Sincerely
Christopher Paul Hanson
Further to the original article as Company Secretary of Stainless band Ltd I would like to make the following comments.
The assets, stock and goodwill of Brite Band were purchased by Stainless Band Ltd from the Administrators P&A . Jonathan Hanson is the sole Director and shareholder of the new company Stainless Band Ltd.
This has secured not only supplies for previous clients of Brite Band but also 18 full time positions within the new company structure including myself . Stainless Band Ltd is supplying Stainless Steel Coil products to the UK and EU markets and has benefitted from the recent upsurge in demand . For the immediate future we remain cautious as the demand for stainless steel products remains fragile across all sectors.