Major double glazing firm Everest enters administration
Fri, 26 Apr 2024 | ADMINISTRATION
Everest, one of the largest providers of double-glazing in the UK, has fallen into administration. The company, which is owned by Better Capital, has appointed professional services firm ReSolve as administrator.
The company’s collapse comes four years after it was placed into administration by Better Capital during the COVID-19 pandemic, having become loss-making. The firm was subsequently saved in a pre-pack deal via a new company called Everest 2020 Limited, which acquired its operations and order book.
Everest 2020 Limited has now also fallen into administration, putting around 350 jobs at risk. ReSolve is now reportedly engaged in efforts to find a buyer for the company in order to secure its future, with potential bidders expected to include both industry players and turnaround investors.
The administration comes with Better Capital owner John Moulton in the process of winding down his company. Everest is one of the company’s last remaining assets.
Information circulated several weeks ago to potential bidders by a different team of advisers stated that 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".
In its most recent accounts at Companies House, for the year ending May 31 2022, Everest 2020 Limited reported turnover of £51.1 million, compared to £46.7 million in its previous accounting period, but fell to a pre-tax loss of more than £1.6 million.
At the time, the company’s fixed assets were valued at £1.4 million and current assets at £14.7 million. However, the significant debts that the company owed to creditors at the time left it with total liabilities of close to £4.8 million.
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