Administrators sell Pilkington’s terazzo business
THE JOINT administrators of failed Swinton tiles firm Pilkington’s Group have sold its Quiligotti Terazzo business to members of its former management team.
The deal, for an undisclosed sum, saw the team receive backing for the deal by another firm in the terazzo flooring market, Kengate.
The deal, which completed last Friday, ensures that production of terazzo tiling remains in the UK and saves 23 jobs at its existing production facility in Swinton.
Joint administrator and associate partner at KPMG, Paul Flint, said: “The deal to sell the Quiligotti division of Pilkington’s is the result of nearly six months work on this case.
“In particular, we are delighted to have secured the future employment of the division’s loyal workforce, and are also extremely pleased to be able to leave the business on a solid footing to continue manufacture.”
He added: “We would like to take this opportunity to thank all of Quiligotti’s valued clients and customers for supporting the business through this difficult period. We would also like to acknowledge the role played by its suppliers in allowing this business to continue to trade, thereby helping to secure a great outcome for all.”
Kengate will now become one of the major shareholders in the new company, Quiligotti Terrazzo Tiles Ltd.
The firm had employed 368 people at sites in Greater, Dorset and at Swords in Dublin prior to its collapse in June and had been run by a management team led by former chief executive Ray Tarr, who had led a buyout of the firm in May 2004.
An administrators’ report produced in August showed that the firm had debts of £30m – £23m of which were unsecured for which creditors are unlikely to be repaid.
