A North Yorkshire manufacturer of sealed glass units has collapsed into administration, leading to the loss of all 27 jobs. The company, based in Scarborough, had been in business since 1995.
Jamie Miller and Gareth Harris of RSM UK Restructuring Advisory were appointed as joint administrators on June 18. The administrators stated that the business faced cashflow challenges due to significant downward pressure on prices and increased costs.
Business Ceases Trading
The administrators confirmed that the company has ceased trading and all 27 employees have been made redundant. A statement from the administrators said: "Unfortunately, the business has ceased trading, and all 27 employees have been made redundant."
Jamie Miller, joint administrator, commented: "It is very sad that such a respected, long-established and historically successful business has had to cease trading. This is indicative of the current challenges within the commercial glass sector, which faces significant downward pressure on price alongside increased costs such as National Minimum Wage, National Insurance and energy supplies."
Sale Process Fails
An accelerated sale process was conducted prior to the administrators' appointment but did not result in any suitable offers to rescue the business as a going concern. Miller added: "An accelerated, wide reaching sale process took place prior to our appointment which, despite strong interest, did not result in any suitable offers to rescue the business as a going concern."
The administrators are now seeking buyers for the company's plant and machinery and other assets. Miller said: "However, we would welcome contact from any parties who may be interested in the company’s desirable plant and machinery and other assets, which will now be sold."
Support for Redundant Employees
The administrators are assisting the former employees with claims for their entitlements. Miller stated: "Regrettably, all 27 employees at the company have been made redundant. We are now helping the employees to ensure that they claim for, and are able to access, their entitlements."
