Fri, 26 Sep 2014 | ADMINISTRATION
A window, door and conservatory maker in Barnsley, South Yorkshire, has been successfully bought out of administration.
Drowstan Ltd, which trades as Euroglaze Systems, was taken on by administrator Phil Booth of PR Booth & Co on 10 September. Mr Booth sold the business immediately to a newly formed company Euroglaze Ltd, having been advised by Alice Pratt, a partner at law firm Clarion.
The business will continue trading and all 57 employees have been transferred over to its new owner.
The director had placed the company into administration after suffering issues relating to the recession, which were still having an affect despite the improvement in the economy this past year.
Founded in 1979, the £3.9 million revenue business manufactures uPVC doors and windows for use in the construction industry. It has developed a range of Rehau windows and doors, featuring toughened frames helping to deter thieves.
Mr Booth said: “Working closely with Clarion, we were able to swiftly conclude a sale, rescuing the business and securing the jobs of the entire workforce.”
“The administrator needed to act quickly to preserve the value of the business and we were happy to be able to expedite the sale process. It is good news that the business and its workforce now have a brighter future,” Ms Pratt of Clarion added.
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Hertfordshire based IFA with 75% of the business' assets with two major platforms, ensuring a smooth transition post-sale.
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