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Administrators Arrive As Vidi Is Conquered
Homes builder Vidi Construction has admitted defeat and gone into administration. Horsfields’ have been appointed as joint administrators. It is...
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ISG Collapse Sinks Commercial Glazing Business
Experts from business advisory firm Quantuma were appointed as administrators of architectural and structural glazing specialists, Vitrine Systems Limited, on 21 October 2024.
Quantuma’s Nick Simmonds and Chris Newell were appointed as in the joint administrator capacity (which is a common practice) to oversee the process.
ISG fallout
Vitrine Systems entered administration as part of the fallout from the ISG administration. This resulted in a large bad debt which effected the viability of the company, as well as lost projects and pipeline.
As a consequence, the company was unable to continue to trade and entered administration. Vitrine Systems employed a team of 23 staff – all roles at the business were made redundant by the company.
Success to failure
Based in Camberley, Surrey and working throughout the UK, Vitrine Systems was founded in 1995. The company provided specialist commercial glazing for the construction and building management markets – designing, fabricating, installing and maintaining glazing products. The business reported turnover of c.£8.8m in 2023.
Vitrine Glazing
Nick Simmonds (who is also Quantuma’s managing director) says: “It is deeply regrettable that Vitrine Systems has been forced to cease trading, due to a series of challenging circumstances. This was a sad ending for a well-established company.
“As joint administrators, our immediate priorities have been to provide appropriate support to those whose jobs have been affected whilst seeking to obtain maximum value for the company’s creditors. To date, the company’s assets including the Vitrine brand and a selection of current projects have been acquired, novated and continue to trade as Vitrine Glazing.”
Picture: A Vitrine Systems installation which the firm also cleaned and maintained.
Article written by Brian Shillibeer
13th November 2024