Sto Ltd was subject of winding up petition from German parent last month
External wall insulation specialist Sto Ltd has gone into administration, Grant Thornton has confirmed.
The firm, which is based at King鈥檚 Norton near Birmingham, called in administrators last Friday.
In a statement, a Grant Thornton spokesperson said: 鈥淚 can confirm that colleagues from Grant Thornton were appointed on [17 January] and they continue to evaluate the position of the business. Further information will be made available in due course.鈥�
Sto Ltd is a subsidiary of German parent Sto SE & Co. KGa, set up in 1954, and which had a turnover of 拢1.5bn in 2023. It employs more than 5,700 people across nearly 40 countries.
Last month Sto SE & Co. KGa filed a winding up notice against Sto Ltd at the Edinburgh Court of Session. No reason for the filing was given.
In its last set of results, Sto Ltd posted an improved turnover of 拢15.8m in 2023. The accounts, which were signed off last February, show income was up 19% but pre-tax profit fell 12% to 拢672,000. The accounts also reveal it employed 49 people.
In a statement Sto SE & Co. KGa said: 鈥淪tuart Preston and Julie Tait, both Insolvency Practitioners of Grant Thornton UK LLP, were appointed to be the joint administrators of Sto Limited.
鈥淥ur liquidation petition was filed before the board of directors of Sto Limited filed their administration petition. Since Sto Limited is now in administration, it is in the hands of the joint administrators to decide whether they file to liquidate the company, if and when they consider it necessary to do so.鈥�
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