Deloitte’s Mr Dominic Wong and Mr Richard Hawes have been appointed as Joint Administrators to Lockley Stainless Ltd and CPC Stainless Ltd, a subsidiary of Lockley, on 10 March 2009. Lockley has invested substantial capital for a new service centre in 2008, which combined with falling commodity prices and sales volumes, have resulted in profitability and cashflow problems. These problems have been exacerbated by current economic difficulties. Lockley will continue to trade the business whilst a buyer is sought. Lockley trades sheet stainless steel and operates a new purpose built stainless steel service centre in Wolverhampton, UK. The service centre decoils, cuts and polishes sheet stainless steel to customer requirements. Lockley and its subsidary, CPC, employ a total of 25 employees.
