Huthwaite-based manufacturer and supplier of fenestration products, Synseal Group, has been sold out of administration, saving 1016 employees jobs.
The company’s new owners, Aperture Trading, were sold the business and its assets – including seven leasehold sites – by the KPMG Restructuring team, led by Chris Pole and Mark Orton earlier today.
The pair were appointed as joint administrators to the group which comprises Synseal Extrusions, Masterdor, Norvik New Build Ltd, Sheerframe, Allerford Holdings and Allerford Intermediate Newco.
However, Synseal’s conservatory roof fabrication business was not sold as part of the deal, and 42 redundancies have been made.
Pole commented: “Against a backdrop of challenges due to cost pressures from increasing material prices and fluctuating exchange rates, together with market decline due to softening consumer demand, the directors have worked hard to try to turn the business around and secure a rescue bid with investment.
“This sale provides as much stability as possible for stakeholders, as it secures further finance for the business, and safeguards 1,016 jobs.”
Aperture chief executive Matthew Mycock said: “Decisions like this are never made lightly, but following months of speculation, we trust that this announcement will quell any conjecture about our future path.
“The acquisition by Aperture Trading Ltd will provide the platform from which to develop a business that is fit for the future, and one in which investment can be made across the many innovative products that will drive its growth.”