Tue, 30 Nov 2010 | ADMINISTRATION
Aluminium maker Glamalco has entered into administration and called in KPMG to manage the procedure
The Cardiff-based business employed 156 staff across three sites in Cardiff, Andover and Redditch, before cutting 140 of those jobs before the move into administration. The remaining employees have been kept on to assist the administrators.
KPMG will oversee the administration of Glamalco, as well as its holding firm Glamorgan Aluminium Co Ltd.
Established for 40 years, Glamalco fabricated and installed aluminium materials to the construction sector. It started out in the 1970s with five employees working on shop fronts and domestic windows.
Joint administrator Jeff Pope said: “Glamalco has encountered cashflow difficulties, which has resulted in its inability to fund ongoing construction contracts and, unfortunately, the business is unable to continue to trade. We will now be pursuing an orderly wind-down of the business.”
Glamalco was involved in commercial, education, leisure, public and residential construction projects. Specific projects included office blocks, residential apartments, supermarkets, hotels, swimming pools and airport terminals.
Its website boasts revenues of £18 million and future development plans that would meet the changing demands of the construction sector.
This is a unique opportunity to acquire two well-established B2B companies operating across multiple sectors throughout the UK, boasting strong client relationships and secure contracted revenues poised for further expansion.
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This is a unique opportunity to acquire a prominent company in a specialist sector with a high barrier to entry, offering integration potential and a cash-generative model with repeat revenue.
This business presents an enticing opportunity with established relationships with blue-chip organisations globally, a strong client retention rate, and the potential for relocation.
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