Pontefract-based locking nut manufacturer Philidas Limited will close at the end of March 2013, according to administrators Duff & Phelps.

Duff & Phelps made the following statement to Fastener + Fixing Magazine on 18th March. 

 "Pontefract based Philidas Limited, manufacturer of nuts, bolts and other industrial fixings went into Administration on 10th December 2012.

"Since that time Duff and Phelps have traded the business with a view to identifying a purchaser for the business and assets of Philidas Ltd on a going concern basis.

"However, the business is heavily dependent on one customer, which has stated that it intends moving its business to another supplier on March 31st 2013.  With over 70% of the turnover of Philidas dependent on this key account, the Administrators were left with no option but to close the business.  No viable offers have been received for the business and assets.”

In its Administrators’ Report issued in February, Duff & Phelps noted that Anixter Fasteners had represented some 60% of Philidas’ sales before it entered administration. Anixter had entered an agency agreement with the Administrators so the company could continue to supply product to it in the short term

On 14th March the Pontefract & Castleford Express reported that local Member of Parliament, Yvette Cooper, had called on UK ministers to 'step in' to save the 39 remaining jobs at the company.