A North Yorkshire manufacturer of sealed glass since 1995 has collapsed into administration. Based in Scarborough, a statement from the administrators says the company’s business faced cashflow challenges due to significant downward pressure on prices and increased costs, leading to the appointment of the administrators.
The company appointed Jamie Miller and Gareth Harris of RSM UK Restructuring Advisory as joint-administrators on June 18. A statement from the administrators says the company’s business faced cashflow challenges due to significant downward pressure on price and increased costs, which led to the appointment of the administrators.
The statement continued: “The business faced cashflow challenges due to significant downward pressure on price and increased costs, which led to the appointment of the administrators.
“Unfortunately, the business has ceased trading, and all 27 employees have been made redundant.”
Jamie Miller added: “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.
He continued: “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.
“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.”
Jamie added: “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.”