April 16 2014 Latest news:
Tuesday, October 16, 2012
A further 137 jobs have been axed today at a major city business forced to call in the administrators - with a warning more cuts are expected before the end of the week.
Eighty-eight staff were made redundant yesterday at Uniglaze, which has a factory in Forest Way, in New Costessey, and a base in Spar Road, Norwich.
Administrators KPMG say they have taken the “difficult decision” to implement a wind down of the business once existing work has been completed, with the latest 137 jobs axed at its Norwich base.
They also warned early talks suggest the possibility of selling the business as a going concern is “remote”, although have urged interested parties to come forward immediately.
Uniglaze, which trades as Uniglaze 2 (East Anglia) Limited, had warned after cutting 88 jobs yesterday that the remaining 197 staff members were all at risk.
Chris Pole, director in KPMG’s restructuring practice and joint administrator, said: “We have had to take the difficult decision to implement a wind down of the business following completion of existing work in progress.
“This has inevitably led to further redundancies today, with more expected later this week.
“The high cost base of the business and the anticipated migration of sales orders to competitors means that any extended trading under the administration would be heavily loss making and require significant funding.”
The administrators were appointed just 18 months after the business, which makes and supplies toughened glass and double glazing, were on the verge of going into administration in April 2011. At the time, Uniglaze was able to broker a deal with creditors to secure 280 jobs. The company has a turnover of around £21m a year.
Mr Pole added: “Further, from our early discussions with interested parties, it has quickly become apparent that the possibility of selling the business as a going concern is remote. We would still encourage anybody interested in acquiring the business or assets to contact the administrators as soon as possible.”