Glazing giant in administration
Published:  18 October, 2012

CAMBRIDGE: Uniglaze 2, one of the country's biggest trade glazing suppliers is in administration. Administrators from KPMG will wind down the business unless a buyer is found.

The failure comes just 15 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. 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."

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