The ironfounding operation at Derwent Foundry was first introduced in 1946 by Wragg & Hawksley to produce cast iron pipes for the water industry. In 1950 the foundry was acquired by WH Davis & Sons Ltd to supply castings for their railway wagon building business. Following a management buy out in 1984 the company was renamed Derwent Foundry Ltd and following its closure in July 2002 was bought by its present owners and renamed Derwent Castings Ltd.
The company had traded profitably for a number of years but in late 2013 / early 2014 saw the cancellation of its largest sales contract which represented 70 per cent of its turnover.
Bosses at the company, which employed 16 staff including three directors, struggled to attract replacement business and had to drop prices. Further business was lost as a result of foreign competition.
Sheffield’s insolvency specialist Wilson Field was called in as liquidator and worked with the creditors’ committee of Derwent Castings Limited to secure the positive dividend.