Thu, 18 Feb 2016 | ADMINISTRATION
A glass manufacturer and supplier based in Lisburn, County Antrim, has been placed into administration, with pressure from creditors cited as the main reason for the collapse of the company.
Lisburn Glass Group Limited, which has been in business for more than 40 years from a factory at the Blaris Industrial Estate, Altona Road, has made all 30 staff redundant and ceased trading.
Gareth Latimer and Stephen Tennant of Grant Thornton have been appointed as joint administrators of the distressed business.
Mr Latimer said: “The business has ceased trading and all employees have been made redundant.
“We have been working with the directors since the start of the year and reviewed the options available, but creditor pressure has increased, leaving the directors with no alternative but to seek the protection of an administration appointment.”
The joint administrators will now “carry out a sales process in order to maximise value for creditors”.
Lisburn Glass Group Ltd, which was established in 1971, “developed national reputation in the industrial and commercial glazing market,” according to its website.
Until it ceased trading, the Northern Ireland glass manufacturer was “involved in major contracts throughout the UK and Ireland” and was supplying products from its 40,000 sq ft factory.
View the latest UK businesses in administration.
Unusual opportunity to acquire this national and well established, full service Mechanical & Electrical consulting engineering company. Offers invited.
LEASEHOLD
Works with a network of reliable hauliers to provide comprehensive and reliable logistics solutions on a national basis. Offers invited.
RELOCATABLE
Has established a prominent position with clients in its industry due to its prestigious portfolio. Operates from two leasehold premises. Offers invited.
LEASEHOLD
|
23
|
|
May
|
Fintech company Loot collapses into administration | ADMINISTRATION
After failing to secure further backing from the Royal Bank ...
|
22
|
|
May
|
Spike in M&A activity in the education sector | BUSINESS SALE
In recent months, the education sector in the UK has witness...
|
22
|
|
May
|
Jamie Oliver restaurant empire collapses into administration | ADMINISTRATION
Celebrity chef Jamie Oliver, who shot to fame after campaign...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources