Fri, 19 Aug 2022 | ADMINISTRATION
A buyer is being sought for window manufacturing firm The Window Glass Company (Bristol) Ltd, which trades as Window Glass, after it fell into administration due to rising costs and project delays. The firm had recently generated sales of approximately £3.4 million, having recovered well from the impacts of COVID-19 and Brexit, and has a future order book standing at around £2 million, as well as several live contracts.
Despite this, the business has been hit by rising prices for energy and raw materials, as well as delays to key projects. This meant it could not meet an immediate cashflow requirement, and, as a result, the firm was left with no option but to enter administration.
Mark Boughey and Nick Clarke of Mazars LLP have been appointed joint administrators and are now seeking a buyer for all or part of the company’s business and assets, while the viability of taking certain key projects to completion will be assessed.
The family-run company was founded in 1970 and designs, manufactures and installs windows, including curtain walling and aluminium window systems. It works on a range of public and private sector buildings, with contracts ranging from schools and hospitals to buildings for companies including Waitrose, Sainsbury's and Thatchers Cider.
The company operates from a 55,000 sq ft factory in Brislington and employs 31 people. In its accounts for the year ending February 28 2021, it had fixed assets of £19,134 and £1.48 million in current assets. The firm’s net assets at the time amounted to £580,216.
Commenting on the process, Mark Boughey of Mazars LLP said: “We are sorry to see such a long established South West family owned business like The Window Glass Company (Bristol) Ltd fail as a result of the legacy impact of the COVID-19 pandemic, inflationary pressures on costs and project delays, that were all largely outside of their control.”
“The director had to make the difficult decision to enter administration to prevent the position for creditors worsening. We are currently assessing the situation, reviewing the status of ongoing contracts and seeking a buyer for all or part of the company’s business and assets. Interested parties are asked to contact Mark Boughey or Nick Clarke at Mazars.”
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