A NATIONAL metal stockholding business that is headquartered in Dudley has been sold out of administration.

Meridian Metal Trading, based on Grazebrook Industrial Park on Peartree Lane, has been bought by Meridian Steel Limited, part of the DITH Group.

Allan Graham and Matthew Ingram, both of Duff & Phelps Ltd, were appointed Joint Administrators to the company on April 2 and today (May 7) announced the successful sale of the business and assets.

The holding company of the DITH Group is Duferco International Trading Holding SA, based in Lugano, Switzerland. In 2018 the company handled around 17 million metric tonnes of steel and raw materials and it has over 49,000 customers worldwide.

Meridian Metal Trading was formed in 1987 and employs 170 people across five locations in the UK and has its headquarters in Dudley.

Allan Graham, Joint Administrator, stated: "This is a superb outcome for the business and Duff & Phelps is delighted to have been able to secure its future. We believe we identified the ideal buyer, ensuring that Meridian Metal Trading becomes part of a truly global enterprise, a great result for the business and the West Midlands."