Thousands of jobs saved after Synseal Group sold out of administration

Legal | Manufacturing | Mergers & Acquisitions | Midlands

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.”

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3 thoughts on “Thousands of jobs saved after Synseal Group sold out of administration

  1. John Wood says:

    Phoenix
    Trail of debt left behind

  2. John terry says:

    Its still synseal ran by all the same people in the same poor way.The same day men were made redundant other members of staff was forced to take up there tools and carry on were the others had left off earily that day! Its a company ran on lies!

  3. Insider says:

    It’s a poor company who seem to think that they can promise people wage rises and shift allowance then deliver none of them. No health and safety I only worked there a few months I witnessed one near fatal injury (within a few mm of a major arterie) as they insist on standing glass in landscape position on barrows with no securing straps. There is a culture of blame as if the machine breaks when you are on it its your fault (even tho there is no maintenance done on the machines) and they like to tell you how much the part costs what you have broke. They underpay overtime every month you have to chance it even tho you clock in every shift. LAs its been already said the company who brought synseal is basically synseal in disguise. They owe over 20 million pounds to suppliers. They supplied windows, fire doors and the building cladding to grenfell tower which failed to match safty standards even tho they denied it they did . So if there is no synseal there is no debt or charges for the company hide from. Shambles from start to finish every day

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