A SHEET metal fabricator has left debts of nearly £1.2m, after administrators were unable to find a buyer.

Knowsley-based Metalbuild collapsed days after its 13th birthday in February with the loss of 35 jobs.

Joint administrators Paul Flint and Brian Green, of accountants KPMG, had initially hoped to sell the business to Metalbuild’s directors and management team. But a deal failed to materialise, forcing the business to close.

The administrators said: “Given the nature of the customer base of the business, we became aware that business can be sources from alternative suppliers relatively quickly, which therefore erodes any value in the business which could be realised for the benefit of creditors.”

Assets are sufficient to repay £361,000 to the Co-operative Bank, a secured creditor, and £140,000 to invoice finance firm Positive Cashflow Finance. Employees’ wages and holiday pay totalling £31,000 will also be paid.

However, the administrators expect the unmet debts to total £1.19m.

The company’s problems stemmed from the purchase of Four Major, in March, 2009, which had been designed to grow Metalbuild and create efficiency savings.

The administrators said: “The acquisition conversely resulted in placing a strain on working capital and an inability to meet liabilities when they fell due.