Wed, 11 Jan 2012 | ADMINISTRATION
The future of glass building maker Apropos Tectonic and 63 jobs have been secured, having been bought in a pre-pack administration deal.
The Ashton-under-Lyne-based firm was pulled under by a failed new business venture, and had also been loss making itself for some months. It set up Atelier Modular to create and sell garden studios, but did not make profits despite investment from Apropos.
Apropos Tectonic’s assets have now been purchased by managing director Michael Barnes through his newly formed company Apropos Vitral.
Mr Barnes told MEN Business: “Over the last two years Apropos has invested heavily in research and development for Atelier Modular. Unfortunately, despite receiving widespread critical acclaim, Atelier failed to repay this investment and went into receivership at the end of November.
“This left Apropos with a financial burden that it was unable to sustain.”
Duff & Phelps were brought in to lead the administration process in December for Apropos, leading to the loss of 17 jobs.
The new firm Apropos Vitral aims to use the some of the innovations previously accomplished at Atelier in its product range.
Apropos Tectonic was set up ten years ago as a subsidiary of Hartley Botanic Group, and was bought in a management buy-out by Mr Barnes in 2009.
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