Glass manufacturer with £25 million turnover falls into administration
Float Glass Industries. a stockist and manufacturer of glass products for the construction industry, has announced it’s fallen into administration.
Based in Manchester, the stockist and manufacturer, which had £25 million annual turnover, will continue to trade while the possibility of securing a sale is explored.
The firm employed nearly 200 staff and along with its parent holding firm Wright & Offland Holdings, entered administration on 21 December 2017.
In early December, the company made a number of redundancies with all remaining members of staff have being paid in full for the month.
However, those who left in early December have been told they will not be paid their full entitlement due to ‘lack of funds’.
Manchester-based corporate finance company, BDO have appointed joint administrators, Kerry Bailey and Martha Thompson.
Bailey commented on the situation saying: “Unfortunately the economic climate and difficult trading conditions have significantly affected the business. However, we are hopeful of securing a sale and the company will continue to trade whilst this is explored.
“It is regrettable that redundancies were necessary prior to the company entering administration. The joint administrators shall facilitate the payment of statutory redundancy pay to eligible staff members made redundant.”
The company is continuing to trade under joint administrators ‘with a view to effecting a sale of the business as a going concern’.