Paul Flint and David Costley-Wood from KPMG’s Restructuring practice in Manchester are appointed as Joint Administrators of S.G. Aluminium Limited
Paul Flint and David Costley-Wood from KPMG’s Restructuring practice in Manchester have been appointed as Joint Administrators of S.G. Aluminium Limited, a fabricator and installer of architectural aluminium windows, doors, curtain walling and shop fronts.
The business, which employs approximately 33 staff, operates from leasehold premises in Blackburn. The business has suffered from falling sales and cash flow pressures arising from an onerous contract, which detrimentally impacted upon its ability to meet its working capital requirements. Consequently, the company had been considering its restructuring options.
The directors were unable to find a solvent solution and made the decision to place the company into administration on 15 March 2018.
The employees have been informed and unfortunately the majority were made redundant with immediate effect. One member of staff has been retained for a short period to assist the joint administrators in carrying out their duties.
Paul Flint, associate partner in KPMG and joint administrator, commented: "As a result of mounting cash flow pressures, the directors felt they had no alternative but to place the company into administration. Our focus now will be on finding a buyer for the business and realising assets for the benefit of the company's creditors, together with providing support to those staff who have been made redundant."
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