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.
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