65 jobs have been saved following the sale of a Middlesex-based supplier of glass to the construction and industrial sectors.
Sharda Glass Limited was sold to CCPE Architectural Glass Limited on 20th December 2013 in a pre-pack deal by administrators from KSA Group.
Despite a period of rapid growth, the company suffered from “a sharp deterioration in its financial position in the last few weeks of December 2013, which put unsustainable pressure on its cash flow.”
The administrators and directors of the company were unable to restructure Sharda Glass’ debts through a company voluntary arrangement (CVA).
Several buyers had approached the company and KSA Group, so a decision was taken to market the business and assets for sale.
Consensus Capital Private Equity Limited was the successful bidder and it formed a new company, CCPE Architectural Glass Limited, to acquire the assets from the administrators, Eric Walls and Wayne Harrison, who were appointed on 20th December 2013.
Eric Walls, KSA Group’s national insolvency director, said, “We endeavoured as we always do, to try and find a non-administration solution.
“However, the scale of the debts and the business problems meant that this option was not available.
“Having sold the business to a well-capitalised buyer we managed to maintain 65 jobs for employees, the continuity of the business for its customers and we believe a better result for stakeholders.”