October 2 2014 Latest news:
Annabelle Dickson, Business writer
Tuesday, October 16, 2012
Norwich manufacturer and supplier of toughened glass and double glazing Uniglaze today appointed administrators just over a year after it was forced to broker a deal with its creditors.
A total of 88 staff have lost their jobs and administrators KPMG are looking for a buyer.
It comes after the company was forced to broker a refinancing package with a local partner and existing shareholders after it got into trouble in Spring 2011.
At the time a new management team, led by managing director Philip Davis, was drafted in to oversee a CVA (Company Voluntary Arrangement) – where a company makes a court-approved agreement with its creditors for the settlement of debts. The move kept the firm afloat, saving some 280 jobs at the time.
A statement today from KPMG said Chris Pole and Richard Philpott had been appointed joint administrators to Uniglaze 2 (East Anglia) Limited.
The company, which has a turnover of about £21m, employed 285 people across two sites in New Costessey and Spar Road in Norwich. Chris Pole, director of KPMG’s Restructuring practice and joint administrator, said: “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. While market conditions have been very challenging, management and creditors worked together to address the business’ financial problems by agreeing a company voluntary arrangement (CVA) in April 2011.
“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.”
Chris Pole added: “The administrators will seek to complete work already in progress at the main site in New Costessey while exploring the possibility of finding a buyer for the business and its assets. We would encourage any interested parties to contact us as soon as possible.”
The words ‘I’m out’ too often spell the end for an invention before it has even left the drawing board.