Tue, 16 Oct 2012 | ADMINISTRATION
A glazing firm based in Norfolk has entered administration, just a year after it was pushed into brokering a deal with its creditors.
Uniglaze manufactured and supplied toughened glass and double glazing and employed 285 people across its two sites.
The company brokered a refinancing package with a local partner and its existing shareholders back in the spring of 2011 when it first started to get into trouble. Managing director Philip Davis lead a new management team at the time to oversee a CVA. This kept the firm afloat for some time but things have reached a critical point now and the firm has been forced to appoint KPMG as administrators.
Chris Pole and Richard Philpott are working as joint administrators of the business. Mr Pole commented: “The company has struggled for a number of years in the wake of the severe downturn that has hit the UK construction sector and wider economy.”
He added: “In spite of the company’s efforts to find a resolution to its problems via a CVA, the company’s cashflow has been substantially impacted by a further decline in turnover and the insolvency of a key customer. In the context of a persistently difficult market for businesses supplying into the construction sector, the company has been unable to restructure further or to attract additional funding, leaving the directors with no other option than to seek the appointment of administrators.”
Any parties interested in purchasing the business have been urged to contact the administrators as soon as possible.
Serving blue-chip data management and security technology clients across the globe, this disruptive software development company provides tools and services to assess, repair, and recover, and migrate enterprise backup products.
Operating internationally, the company delivers tailored electrical distribution and control solutions to public and private sector clients across a wide range of industries.
This substantial 43-bedroom urban hotel, situated just 5 miles from Newcastle city centre, offers an exceptional investment opportunity with its prime trading location and extensive public areas, including a popular bar and refurbished function room.
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.