113 jobs go as steel group Bone crashes

BONE Group, one of the UK's largest steel contractors, has gone into receivership with the loss of 113 jobs.

The Wishaw-based group has been hit by a significant drop in demand for structural steel resulting from the downturn in the construction sector.

Chief executive Chris Bone said: "Despite a healthy order intake earlier in the year, contract slippages, volume reductions and supplier credit restrictions combined to make trading extremely difficult."

He added: "Market conditions are tough for everyone in this sector at present, and we couldn't see a way forward for the group as it stands."

The board and shareholders have been debating options for some time but it was decided that a restructuring was not possible.

Receivers from accountancy firm KPMG have made 113 of the 118 employees redundant, with the remaining five working with accountants to assist in realising the company's assets.

The Bone Group was founded in 1938 and has regional offices in London and Leeds.

Recent projects have included supplying steelwork for the new 32 million regional sports centre at Ravenscraig.