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Double glazing giant Everest crashes into administration | Business News

One of Britain’s biggest double-glazing suppliers has crashed into administration, leaving insolvency practitioners engaged in a race to salvage hundreds of jobs.

Sky News has learnt that Everest, which has been owned by the prominent financier Jon Moulton’s investment firm Better Capital for more than a decade, called in administrators this week.

ReSolve, a professional services firm, has been appointed to handle the process.

Sources said it was now engaged in an attempt to find a buyer for Everest in order to save as many of the company’s roughly 350 employees’ jobs as possible.

Money latest: Morrisons shoppers are going to notice two changes

Potential bidders are expected to include turnaround investors as well as industry players.

Mr Moulton, one of the City’s best-known turnaround specialists, has been winding down Better Capital for years, with Everest one of its few remaining investments.

He engineered a rescue deal for the loss-making business months after the COVID outbreak prevented its workforce from visiting customers in their homes.

A pre-pack administration, which took place in June 2020, salvaged hundreds of jobs and paved the way for the fulfilment of existing customer orders.

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According to information circulated to potential bidders by a different firm of advisers several weeks ago, Everest “requires an immediate funding injection to relieve creditor pressure which, combined with further significant investment in its marketing, systems and brand, can deliver increased market share, and a path to strong underlying profitability and growth”.

ReSolve declined to comment, while Mr Moulton has been contacted for comment.

Safestyle: Around 680 workers made redundant after window and door seller falls into administration | Business News

Around 680 staff have been made redundant at window and door seller Safestyle.

The business had gone into administration and the GMB union had expected up to 600 job losses.

But on Monday, administrators Interpath Advisory were appointed and said the number was around 680 workers.

Staff were unexpectedly texted to “down tools” on Friday evening at the Bradford, Yorkshire headquartered company.

Before the weekend, on Friday, the Safestyle board filed a notice of intention to appoint administrators and said the company could not continue trading as a going concern.

Trading in company shares on Friday morning was temporarily suspended, “pending clarification of the company’s financial position”, a regulatory notice said.

Additional funds had been sought but on Thursday the company said it did not expect to be in receipt of capital or new financing.

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Wasps rugby club likely to ‘enter administration in coming days’ | UK News

Wasps rugby club has said it is likely to “enter administration in the coming days”, deepening a crisis within top flight English rugby.

The club announced it had withdrawn from this Saturday’s Premiership match against Exeter.

Its statement said: “It has become clear that there is likely to be insufficient time to find a solvent solution for the companies within the group, and it is therefore likely that they will enter into administration in the coming days with a view to concluding deals shortly thereafter.

“In light of the current situation, we have therefore taken the decision to withdraw the Wasps men’s team from this Saturday’s league fixture against Exeter Chiefs.”

It marks a low for the domestic game as rivals Worcester are already in administration and face relegation next season after being suspended from the Premiership for the rest of the league campaign.

Wasps, which lost to Northampton Saints in a Premiership match on Sunday, has been pushed to the brink of financial ruin by a debt pile that includes an unpaid tax bill.

The club’s parent company, Wasps Holdings, filed a notice of intention to appoint FRP Advisory, a restructuring firm, as administrator on 21 September. This was followed by a second such notice last week.

They gave the club ten days of breathing space from creditors as it sought to find a way through its financial troubles.

The statement by Wasps suggested there was hope that a new buyer would take over once the club entered administration.

Sky News revealed at the weekend that David Armstrong, a former Wasps chief executive, was working with investment firm Terminum Capital on a bid to buy the club and its stadium.

Exhibitions group NEC later lodged a bid for the Coventry Building Society Arena, the stadium the club shares with Coventry City FC, though Sky News understood that its interest did not extend to the club itself.

Wasps was founded in 1867 in Hampstead, north London, but its journey away from London and the southeast to Coventry has not proved successful.

The move 80 miles north of its last home, in High Wycombe, alienated the fan base and its subsequent financial struggles prompted an exodus of valuable players this year.