Andrew Pear and Richard Keley of BM Advisory LLP, the specialist restructuring, recovery and insolvency firm, were appointed Joint Administrators of Diamond Glass (Medway) Limited (“the Company”) on 9 November 2018.
Formed in 1995, the Company was a well-established glazing manufacturer based in Chatham, Kent and employing 33 staff.
The business had suffered from a recent downturn in sales, principally due to a reduction in orders from existing customers, as well the rise in the price of raw materials as a consequence of the weakened pound, both of which had significantly impacted the Company’s margins.
In October, BM Advisory was engaged to conduct a review of the financial position of the business and it was concluded that the Company was insolvent. An accelerated marketing campaign in respect of the Company’s business and assets was conducted, but no offers were forthcoming. Subsequently, a decision was taken by the Company’s funder on 9 November 2018 to place the business into administration, with the appointment of BM Advisory.
Andrew Pear comments: “As the director of Diamond Glass (Medway) Limited was unable to meet the direct costs and operational overheads of the business, it became clear that the company could not continue. It has therefore ceased trading and the assets are being offered for sale via the administration. The Administrators are also taking steps to assist in the collection of the outstanding debtors’ ledger and to realise the assets of the company for the benefit of its creditors.”
Regrettably all staff have been made redundant and BM Advisory is providing the necessary advice and support to them.
Creditors of Diamond Glass (Medway) Limited should contact Suzi Andrews at BM Advisory on Tel: +44 (0) 1293 410 333 or via email at email@example.com.
Interested parties in the sale of the assets, such as the equipment, should Mark Humphries at Key Appraisal on Tel: +44 (0) 20 7936 4196 or via email at firstname.lastname@example.org.