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’s Norton near Birmingham, called in administrators last Friday.
In a statement, a Grant Thornton spokesperson said: “I 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.”
Sto Ltd is a subsidiary of German parent Sto SE & Co. KGa, set up in 1954, and which had a turnover of £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 £15.8m in 2023. The accounts, which were signed off last February, show income was up 19% but pre-tax profit fell 12% to £672,000. The accounts also reveal it employed 49 people.
Sto SE & Co. KGa has been contacted for comment.
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