Double glazing giant Everest crashes into administration
25 April 2024, 16:42 | Updated: 25 April 2024, 20:06
One of Britain's biggest double-glazing suppliers has crashed into administration, leaving insolvency practitioners engaged in a race to salvage hundreds of jobs.
Sky News has learnt that Everest, which has been owned by the prominent financier Jon Moulton's investment firm Better Capital for more than a decade, called in administrators this week.
ReSolve, a professional services firm, has been appointed to handle the process.
Sources said it was now engaged in an attempt to find a buyer for Everest in order to save as many of the company's roughly 350 employees' jobs as possible.
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Potential bidders are expected to include turnaround investors as well as industry players.
Mr Moulton, one of the City's best-known turnaround specialists, has been winding down Better Capital for years, with Everest one of its few remaining investments.
He engineered a rescue deal for the loss-making business months after the COVID outbreak prevented its workforce from visiting customers in their homes.
A pre-pack administration, which took place in June 2020, salvaged hundreds of jobs and paved the way for the fulfilment of existing customer orders.
According to information circulated to potential bidders by a different firm of advisers several weeks ago, Everest "requires an immediate funding injection to relieve creditor pressure which, combined with further significant investment in its marketing, systems and brand, can deliver increased market share, and a path to strong underlying profitability and growth".
ReSolve declined to comment, while Mr Moulton has been contacted for comment.
(c) Sky News 2024: Double glazing giant Everest crashes into administration
