Mon, 26 Feb 2024 | ADMINISTRATION
Euramax Solutions Limited, a South Yorkshire manufacturer of windows and doors, has fallen into administration. The Barnsley-based company had suffered cashflow issues following the collapse of a major customer, combined with decreasing demand from the UK’s holiday homes market.
Chris Ratten and Gareth Harris of RSM Restructuring Advisory have been appointed as joint administrators of the company, but emphasised that no redundancies have been made so far at business, which employs around 200 staff.
The company specialises in manufacturing uPVC windows and doors for a number of sectors, including modular construction, leisure and DIY. In the company’s accounts for the year ending June 30 2022, it reported turnover of £26.5 million, roughly the same as it generated in the period from January 1 2020 to June 30 2021, with pre-tax profits of £129,000, down from £579,000 in the 18 months covered in its previous accounts.
At the time, the company’s non-current assets were valued at £1.4 million and current assets at £14.3 million. However, the company’s debts at the time stood at more than £10 million, with its net assets valued at £4.3 million.
Following their appointment, the joint administrators will work to maximise potential returns for creditors, working alongside the company’s management team and suppliers to support limited operations in order to fulfil outstanding orders for customers.
Joint administrator and RSM Restructuring Partner Chris Ratten said: "The continuing downturn in the market for the company's products plus a key customer entering administration has significantly impacted the viability of the business, and the directors had to take the difficult decision to appoint administrators."
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