Glazing giant goes under with hundreds of job losses

Grant Prior 11 years ago
Share

One of the country’s biggest trade glazing suppliers has fallen into administration with the loss of more than 270 jobs.

Administrators from KPMG have made 270 staff redundant at Uniglaze 2 (East Anglia) with the rest of the 285 strong workforce set to follow as the business is wound down unless a buyer is found.

The failure comes just 18 months after Uniglaze was saved from the brink of administration in June 2011.

The £21m turnover company was days from going down last year before creditors accepted a deal for 71p in the pound on debts under a company voluntary arrangement.

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.

“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.

“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.”

 

Latest news

London £3bn housing framework out to tender

SMEs allocated slots on London Construction Programme housing framework refresh
4 hours ago

BAM wins first major RAAC school rebuild

Contractor seals £46m deal for St Leonards school in Durham
5 hours ago

Failed strip out specialist owes £1.5m to supply chain

More than 100 subcontractors and suppliers left with unpaid bills by Type Ten Limited
6 hours ago

Councils to turn screw on building owners over fire safety upgrades

Government tells councils to step up legal action against rogue building owners
5 hours ago

Green light for £300m Fenland energy from waste scheme

Wisbech incinerator will generate 50MW from half a million tonnes of waste
19 hours ago

Multiplex starts on 50-storey Thames tower

Developer green lights construction of latest phase of £3bn Bankside Yards scheme
1 day ago

McLaren lodges fresh Reading Broad Street Mall plan

Town centre scheme will deliver 600 homes in four towers
1 day ago

Beard bags £24.5m Bristol office revamp

Construction to start in April
5 hours ago

SMEs star in £3.2bn social housing upkeep deal

Around 85% of Efficiency North's framework winners are local firms
1 day ago

Scottish NHS new building projects delayed for two years

Spending clampdown hits over a dozen planned projects
1 day ago

Balfour M25 workers hold strike ballot

Motorway maintenance crews unhappy with 3.4% pay rise offer
1 day ago

Rainsford Contracts acquires M&E specialist

Expanded contractor will have turnover of £45m
1 day ago

Statom expands with launch of Northern HQ

RC frames specialist now targeting jobs in Scotland and north of England
2 days ago

High Court dismisses Stonehenge tunnel challenge

Judge quashes legal challenge against Government consent for £1.7bn job
2 days ago

£1.5bn Teesside carbon capture scheme consented

Final investment decision expected this year for construction start
2 days ago

First viaduct steel section installed at HS2’s complex junction job

Victor Buyck Steel Construction install first 300t viaduct section
2 days ago

Sister scaffold firms file administration notices

BCM Scaffolding Services and Scaffteq West employ 100 people between them
2 days ago

McLaughlin & Harvey suffers £8.6m loss

Cost inflation and Scottish landfill tax legislation hit Antrim-based group
2 days ago

Regulator opens probe into National Highways delivery

ORR concerned about 'dip in performance' on capital projects
2 days ago

Sir Robert McAlpine chief Paul Hamer exits

Hamer replaced as CEO by former Lendlease Europe boss Neil Martin
5 days ago

Unite Students to build £250m Newcastle scheme

Work to start this summer on revamp of Castle Leazes site
2 days ago

Britcon poaches Tilbury Douglas business development chief

Don Stewart joins Britcon board as strategic director
2 days ago

Building control system on verge of collapse

Calls to delay new registration scheme
5 days ago

Go-ahead for UK’s largest mass timber structure neighbourhood

Visionary 685-home sustainable village will be built in Lewes, East Sussex
5 days ago

£90m Manchester zig-zag library approved

Work to start this summer on iconic city centre building
5 days ago

Mace clear to start £34m weather-watching HQ job

Planning granted for European Centre for Medium-Range Weather Forecasts
5 days ago

Ford Dagenham site revamp to hit nearly 4,000 homes

Latest phases approved for £1bn Beam Park redevelopment
5 days ago

Sisk names new data centres regional director

John Hennessey appointed to lead expansion
6 days ago

Balfour starts £171m Sussex Uni student DBFO job

West Slope Residences will provide 1,900 bedrooms
6 days ago

Director and site manager sentenced after labourer crushed

Worker killed during demolition on renovation scheme
6 days ago

Contractor services