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Administrators have been called in to a £4.5m specialist glass and glazing company.
SFP – the nationwide insolvency practitioners – have been appointed to Southampton-based Express Glass & Glazing (New Build) Limited, after the company experienced severe cashflow difficulties.
SFP’s Daniel and Simon Plant, both licensed members of the Insolvency Practitioners’ Association, were appointed Joint Administrators on April 12th. The firm had contracts with a number of companies including Bellway Homes.
This is the second case of a glazing firm that SFP has been appointed to handle this year and suggests that the sector is under increasing pressure: ‘As the construction industry has been severely hit by the economic downturn, Express Glass & Glazing’s problems have occurred as a direct result of this,’ says Simon Plant, group partner at SFP.
‘The joint Administrators are currently looking to conduct a sale of the assets in order to maximise realisations.’
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