Merseyside glazing firm falls into administration
Thu, 22 Oct 2020 | ADMINISTRATION
Merseyside-headquartered door and window manufacturer Total Glass has entered administration. Sarah O’Toole and Jason Bell of Grant Thornton LLP have been appointed as joint administrators.
Total Glass, which employed 167 staff, was founded in 1981 and specialised in the production and supply of aluminium and uPVC glazing products, including conservatories, screens, curtain walling and fire doors, to clients in the construction and building sectors.
Trading out of the Knowsley Business Park, the company reported turnover of £25.7 million for the year ended January 31 2019, but registered a pre-tax loss of £792,119 on this, which it blamed on a contract delay.
Grant Thornton said that Total Glass also experienced heavy losses in the year to January 2020, difficulties which were exacerbated as it “faced a number of challenges” during the COVID-19 lockdown beginning in March.
While it survived the lockdown, Grant Thornton revealed that “it experienced supply issues in September and attempts to raise funds to recapitalise the business were ultimately unsuccessful”, with the company effectively ceasing trading at the end of September.
The majority of the company’s 167-strong workforce have been made redundant, with a small number retained to assist in the administration process.
Joint administrator Sarah O’Toole said: “It is always unfortunate when any redundancies need to be made, but the cessation of trade a number of weeks prior to our appointment, couple with product supply challenges in the sector, significantly limited the prospects of any business sale.”
“Our focus now is on supporting the staff affected and the orderly realisation of the assets of the company.”
According to the company’s most recent available accounts, Total Glass had fixed assets of £1.3 million, with current assets of £10 million and net assets of £4.9 million.
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