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Steel firm John Parker & Son is now in administration — with one of its depots being acquired by another company.
KentOnline reported earlier this month how hundreds of jobs could be a risk as the long-standing Canterbury company's future hung in the balance.
Now, the firm's big depot and assets in Shoreham have been acquired by Yorkshire-based Barrett Steel, which completed the takeover last week.
The 50 employees based at the Shoreham branch, which has been emptied of stock, will now be transferred to the employment of Barrett Steel.
John Parker & Son, which has its headquarters on the Maybrook Retail Park in Vauxhall Road, employs 450 people across the country, making it one of the largest steel stockholders in the UK.
In a note sent to suppliers five weeks ago, the company confirmed it had filed a Notice of Intention to Appoint Administrators.
Having now fallen into administration, the future of the firm and its large city site, which opened in 1970, is unknown.
The company's founder, John Parker, set up an ironmonger store in The Parade in 1904.
After success selling tools in that location, he acquired a small yard in Watling Street and later moved to Rhodaus Town before heading to Vauxhall Road.
In 2002, the firm launched the UK's first steel stockholding sale website.
Barrett Steel managing director James Barrett said: "This acquisition in Shoreham allows the group to develop its presence in the south of England, which complements our existing processing hubs in the north."
It is not known whether the steel giant, which now has 27 sites across the country, will be taking over the Canterbury depot.
KentOnline has approached John Parker & Son for comment.
