Administrators axe 270 jobs at New Costessey-based Uniglaze
Archant copyright 2011
Administrators confirmed this afternoon that a total of 270 Uniglaze staff have now been made redundant at the glass and double glazing firm, with just 15 staff remaining at the New Costessey site.
Forty-five more workers were made redundant today and the remaining staff are helping to wind down the business.
It comes after the shock news on Monday that administrators from KPMG had been appointed.
The company employed a total of 285 people across two sites in New Costessey and Spar Road, Norwich.
A total of 88 staff were made redundant immediately upon the appointment of administrators on Monday and a further 137 jobs were axed yesterday. The 45 further job losses brings the total to 270.
Chris Pole, director in KPMG’s Restructuring practice and joint administrator, said the company had struggled for a number of years in the wake of the severe downturn that has hit the UK construction sector and wider economy.
He said that while market conditions had been very challenging, management and creditors had worked together to address the business’ financial problems by agreeing a company voluntary arrangement (CVA) in April 2011.
But the company’s cashflow has been substantially impacted by a further decline in turnover and the insolvency of a key customer.