Independent Slitters praises bank support

Metal-processing company Independent Slitters Ltd (ISL), which has struggled in recent years, is now “thriving” with the support of the Royal Bank of Scotland. The Oldbury-based company specialises in the slitting of various types of ferrous, non-ferrous and coated coils, mainly for the steel stockholding industry.

In 2008, it launched a new business venture — Enviromise Ltd — specialising in the reclamation of metal scrap from the processing of end-of-life tyre waste. The company took a 50% stake in the new business, while RBS provided an £800,000 funding package that was used to purchase equipment and start work a contract worth £2.8 million over a three-year period.

However, in 2010, it became clear the bespoke equipment was ‘not fit for purpose’ and Enviromise went into administration, leaving ISL with significant liabilities. Since then, it has been supported by Global Restructuring Group (GRG), a division of RBS that specialises in restoring businesses to health.

ISL managing director Ian Edwards said: “We have continued working in close co-operation with various members of GRG’s management team to restructure our debts and dispose of the grossly over-valued assets we had acquired. We had various options available to us to overcome the problems we faced, but we are confident that our experienced management team has provided a solution that will preserve our 23-year trading history.”