Showing posts with label FRP. Show all posts
Showing posts with label FRP. Show all posts

Tuesday, February 4, 2020

News: Alucraft sees through plans to buy Rotherham glazing facility

By

Alucraft Systems, Ireland's leading designer, manufacturer and installer of architectural glazing systems, has acquired certain assets of Façade and Glazing Solutions (FGS) Limited, including its fabrication facility in Rotherham.

Earlier this month FGS called in administrators.

Previously known as Glassolutions as part of a French multinational, FGS specialised in conception, engineering and installation of glazed façades and building envelopes. Employing hundreds of staff, 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.

With offices and manufacturing facilities in Dublin and Tamworth, Allucraft has secured a deal for the facility and its assets after working with the former employees and administrator.

Alucraft said that it plans to reopen the FGS facility with an initial 19 employees. The ambition is to expand the workforce as Alucraft Group secures new work.

Advertisement

The group, which has completed projects for Amazon, Lidl and LinkedIn, said that the addition of the newly acquired FGS facility will support its ambitious growth plans and provide a significant additional increased aluminum fabrication capacity.

Alucraft plans to further increase this capacity during 2020, to support the Group's existing operations. Overall, the aim is for the facility to become a centre of excellence for unitised façade fabrication alongside other fabrication activities. Furthermore, in addition to working on Alucraft's projects across the UK and Ireland, the facility will be made available to third parties on commercial terms.

TFounded in 1975, Alucraft was acquired by Elaghmore Partners, a UK-based private equity firm, in 2018.

John Foster, commercial director at Alucraft Systems, said: "This is a decisive and positive step for Alucraft. This sends a very strong message to the construction industry. We have added a fantastic facility, which will increase our operational capacity, allowing us to deliver larger and more complex projects. It will also create additional employment opportunities in the area.

"We have ambitious plans for the business, and are providing much needed capacity for façade design, engineering, manufacturing and construction in the UK. The combination of Alucraft and EAG builds our position as a market leader. We will continuously strive to innovate and improve our capabilities through collaboration across the Group, our customers and the wider market."

Alucraft website

Images:

Read more...

Thursday, January 9, 2020

News: Rotherham glazing firm enters administration

By

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.

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

Read more...
Members:
Supported by:
More news...

  © Blogger template Newspaper III by Ourblogtemplates.com 2008

Back to TOP