Fusion Glass Limited, which entered into administration on 27 September with the appointment of Joint Administrators Jason Baker and Geoff Rowley, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, has been sold for an undisclosed sum to Chelsea Artisans (Contracting) Limited.
Fusion Glass, which designs decorative glass for large scale architectural projects and one-off commissions for clients including Berkeley Homes, Laing O’Rourke and Morgan Lovell, went into administration following the economic downturn in the construction sector.
Following their appointment, the Joint Administrators secured a refinance, enabling the business to be traded through administration while a buyer was sought.
Commenting on the deal, Jason Baker said: “The construction sector was one of the biggest casualties of the recession and Fusion Glass suffered the knock-on effects. Ultimately, trading losses led to severe cashflow difficulties which, in turn, led to the business’ insolvency.
“To ensure the business could be traded as a going concern during administration, protecting goodwill while a buyer was sought, we sadly had to make 16 of the total 48 employees redundant. We were able to secure funding in Administration, so the remaining business could be traded while marketing it to potential buyers.
“Having successfully secured the sale of Fusion Glass, we are now working with the new management team to ensure all redundancy claims are processed as quickly as possible and that appropriate levels of support are provided.”
The combined business will have an annual turnover of approximately £4.5m and operate from sites in Croydon and Esher, employing more than 45 design, sales, support, production and installation staff.
The new company, which will trade as both the Chelsea Artisans and Fusion Glass Design brands, will be headed by joint managing directors Jeremy John and Cliff McIntee. They added: “It has undoubtedly been a tough few years for the construction sector; however, we are now starting to see an increased appetite for both new and refurbishment contracts. This acquisition has greatly strengthened our architectural glass offering and we feel confident it will significantly fuel our continued growth.”
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About FRP Advisory
FRP Advisory LLP is focused on creating, preserving and recovering value for its clients.
The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.
Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.
With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 regions including: East Midlands, Eastern Region, Kent, London, North East, North West, St Albans, Sussex and West Midlands.
To find out more, visit www.frpadvisory.com