Windows and doors firm owed £32m when it fell into administration
A manufacturer of uPVC windows and doors owed over £32m to creditor when it placed into administration.
According to documents seen by TheBusinessDesk.com, Aperture Trading fell into administration a year after it bought out the former Synseal business out of administration.
Documents prepared by KPMG show that, so far, just £1.32m was available for distribution between creditors by 29 April.
Chris Pole and Will Wright were appointed as joint administrators of Aperture Trading, which operated from premises in Huthwaite, in March.
Some 121 of the company’s 451 staff were made redundant on appointment of the administrators.
Tim Bateson, restructuring director at KPMG, said at the time: “Despite significant and ongoing restructuring of the business last year following its acquisition of Synseal Group’s assets, Aperture Trading has suffered from significant market headwinds, trading pressures and a decline in sales.
“Over the last few weeks, we have been exploring sale options for the company and unfortunately none of the interest received presented a viable solution.
“As a result, this led the directors to take the difficult decision of placing the company into administration.”
Documents show that a possible trade merger deal fell through.
At the beginning of May, part of the business was sold to Altrincham Doors Limited and Altrincham Roofs for £1.5m, whiel last week the remaining business and assets of the firm were bought by profine Group; a global PVC profile systems supplier.
The deal saved 38 jobs.
Aperture Trading had employed 451 people before it entered administration.