News: Rotherham glazing firm enters administration
It was meant to put the company in a strong position for growth, but a year and a half after being acquired by an American private investment firm, Rotherham-based Facades & Glazing Solutions UK Ltd (FGS) is in administration.
Previously known as Glassolutions as part of a French multinational, the company specialises in conception, engineering and installation of glazed façades and building envelopes. It rebranded from Sologlas in 2012 and brought together three separate operating divisions into its 65,000 sq ft premises at Manvers in Rotherham in 2011.
CoBe Capital, which specialises in the acquisition and operation of businesses where corporate parents are looking to divest operations that no longer fit with their core strategy, or are underperforming, acquired the Glassolutions Installation business of the Saint-Gobain Group in July 2018.
Anthony Barrell and Rajnesh Mittal of FRP Advisory LLP, were appointed as joint administrators on January 6.
As Glassoulutions, it delivered an annual turnover around £70m, and employed around 440 people.
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A year after the takeover, bosses said that FGS had completed more than 100 projects and has secured more than £40m of new projects in the year since it was divested from the Saint-Gobain Group. It was on target to break-even in 2020 and to achieve a turnover of £50m by December 2019.
The administrators will now look at options for rescuing the business and getting the best deal for creditors, such as financial restructuring, going through a company voluntary arrangement (CVA), or a sale of the business, in whole or part.
A new managing director for FGS was brought in by CoBe Capital during October of 2018. Dirk Jaspers was replaced by Ian Warren a year later. A new CEO, Craig McGilvray was appointed in March 2019.
FGS is no longer listed on the CoBe Capital website as being part of its portfolio.
FGS website
Images: FGS
Previously known as Glassolutions as part of a French multinational, the company specialises in conception, engineering and installation of glazed façades and building envelopes. It rebranded from Sologlas in 2012 and brought together three separate operating divisions into its 65,000 sq ft premises at Manvers in Rotherham in 2011.
CoBe Capital, which specialises in the acquisition and operation of businesses where corporate parents are looking to divest operations that no longer fit with their core strategy, or are underperforming, acquired the Glassolutions Installation business of the Saint-Gobain Group in July 2018.
Anthony Barrell and Rajnesh Mittal of FRP Advisory LLP, were appointed as joint administrators on January 6.
As Glassoulutions, it delivered an annual turnover around £70m, and employed around 440 people.
Advertisement
A year after the takeover, bosses said that FGS had completed more than 100 projects and has secured more than £40m of new projects in the year since it was divested from the Saint-Gobain Group. It was on target to break-even in 2020 and to achieve a turnover of £50m by December 2019.
The administrators will now look at options for rescuing the business and getting the best deal for creditors, such as financial restructuring, going through a company voluntary arrangement (CVA), or a sale of the business, in whole or part.
A new managing director for FGS was brought in by CoBe Capital during October of 2018. Dirk Jaspers was replaced by Ian Warren a year later. A new CEO, Craig McGilvray was appointed in March 2019.
FGS is no longer listed on the CoBe Capital website as being part of its portfolio.
FGS website
Images: FGS
1 comments:
Big shame. Was a great place to work prior to Cobe getting involved.
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