Chris Pole and Richard Philpott from KPMG Restructuring have been appointed joint administrators to Uniglaze 2 (East Anglia) Limited, the Norwich-based manufacturer and supplier of toughened glass and double glazing.
The company, which has a turnover of circa £21m, employs 285 people across two sites in New Costessey and Spar Road, Norwich. A total of 88 staff were made redundant immediately upon the appointment of administrators.
Chris Pole, director in KPMG’s Restructuring practice and joint administrator, said: “The company has struggled for a number of years in the wake of the severe downturn that has hit the UK construction sector and wider economy. While market conditions have been very challenging, management and creditors worked together to address the business’ financial problems by agreeing a company voluntary arrangement (CVA) in April 2011.
“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.”
Chris Pole added: “The administrators will seek to complete work already in progress at the main site in New Costessey while exploring the possibility of finding a buyer for the business and its assets. We would encourage any interested parties to contact us as soon as possible.”
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.