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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To find out more, visit www.frpadvisory.com
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FRP Advisory LLP offers a comprehensive suite of restructuring, recovery and insolvency services to the mid-market and financial community. FRP Advisory is focused on enhancing the performance of businesses, as well as saving businesses in distress.