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Sun Shines On Notts - Solar Transplants For Company That Died Twice
A company that has gone bust twice in a matter of years and left hundreds of employees out of work has been saved as the directors of Solar Windows have...
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Plummet From Summit - Everest At Base Camp Again
Everest the window company will be given a chance to climb back from a bad base to the summit after the Restructuring Advisory team of FRP completed a pre-pack sale to its major investor.
The Joint Administrators, Partners Alastair Massey and Geoff Rowley, sold the business to secured creditor and investment company Better Capital on appointment in a pre-pack transaction, which includes existing customer contracts and the transfer of 413 jobs. It also allows a further 600 self-employed contractors to continue to be engaged by the company.
Everest is one of the UK’s biggest window, conservatory and home improvement companies. It is headquartered in Hertfordshire, operates from 18 distribution centres and has two manufacturing sites - one in Sittingbourne, Kent and the other in Treherbert, Wales.
FRP had been working with Everest in recent weeks to restructure its operations after the business was effectively closed amidst the Covid-19 lockdown.
Redundancies
Following a consultation process, 188 roles have been made redundant. FRP is offering support to all affected employees from across the business to secure payments through the Redundancy Payments Service. They will also assist in recovering deferred pension contributions for past and transferring employees.
“Everest is an iconic British brand that has long maintained an enviable market position in the UK windows sector. In the face of incredibly challenging trading conditions in recent months, the business required restructuring to ensure a sustainable future.”
– Alastair Massey
Partner, FRP
Priorities
"This deal secures a significant number of jobs and personal livelihoods for many affiliated roles," continues FRP's Massey. "Moreover, it achieves continuity for customers who have had their orders and deposits secured by this deal and who the company is now prioritising for service and installation.
“Regrettably, the restructuring of the business has led to redundancies. Our team is working hard to support their claims to the Redundancy Payments Service.
”More than 400 jobs have been safeguarded. Certain assets were sold through the pre-pack administration."
Everest 2020
A new company, Everest 2020, has been formed. The BECAP12 Fund invested £3.2 million into the creation of the new business. Everest had been bought back in 2012 by Better Capital which offered, at the time, £25 million in working capital.
2020 vision
A statement on the Everest 2020 website reads: 'The UK has gone through a period of unprecedented uncertainty and the impact on the economy is expected to be considerable. Up until the outbreak of the Covid-19 pandemic, the Everest business was trading successfully, covering its costs and enjoyed leading brand awareness. Unfortunately, not being able to install our products removed all cashflow from the business limiting its ability to trade through lockdown.
'As a result of the pandemic's impact, the company entered into discussions on a number of options aimed at preserving Everest's business into the future. Following a successful pre-pack sales agreement of its holding company completed on the 9th June the company is resuming its operations following government guidance. Trading will remain on a limited basis while it rebuilds its operations but it is expected that trading will return to normal over the next 3 months.
'Everest's current and future customers can be reassured that their orders will be fulfilled as soon as possible and in line with the UK government's safe trading guidelines'.
Picture: From the Everest website.
Article written by Cathryn Ellis
17th June 2020