Windows company axes almost a third of its staff

PERTH: Administration process sees 188 Everest employees lose their positions

Almost a third of jobs at a Perth-based windows company have been lost in an administration process.

Double glazing giant Everest – which has a distribution centre in the Fair City – said the rescue deal had saved more than 400 positions saved but meant 188 redundancies.

The windows and doors specialist was acquired by private equity firm Better Capital in a so-called pre-pack administration deal that saw the firm call in administrators and then immediately agree a sale.

The company said the deal was required to secure its future in the face of “incredibly challenging” trading amid the coronavirus crisis.

It is the latest in a number of blows to hit the Perth and Kinross economy during the pandemic. Laundry firm Fishers closed its depot in the town last month with the loss of 80 jobs.

Ovo Energy, which took over the consumer arm of Perth headquartered SSE earlier this year announced thousands of redundancies last month, and the Crieff Hydro group also revealed it was shedding more than a third of its 600-strong workforce this week.

Specialist business advisory firm FRP, which arranged the Everest sale, said 413 jobs were safeguarded at the firm’s 18 distribution centres and two manufacturing sites in Sittingbourne, Kent, and Treherbert, Wales.

As well as Perth, the company has distribution centres in Inverness, Glasgow and Ayr.

The deal has also helped protect the livelihoods of another 600 selfemployed associates in sales and installations, who operate remotely throughout Britain.

Everest was founded in 1965 and is headquartered in Cuffley, Hertfordshire.

Alastair Massey, a joint administrator and partner at FRP, said: “In the face of incredibly challenging trading conditions in recent months, the business required restructuring to ensure a sustainable future.”

He said FRP was working to support

“Not being able to install our products removed all cashflow from the business. EVEREST

claims for staff impacted by the job losses with the Redundancy Payments Service.

FRP said it had been working with Everest on a restructure after its business was effectively closed amid the Covid-19 lockdown. Installation operations restarted on June 1 as some of the restrictions were eased.

In a notice about the sale on its website, the firm said: “Up until the outbreak of the Covid-19 pandemic, the Everest business was trading successfully, covering its costs and enjoyed leading brand awareness.

“Unfortunately, not being able to install our products removed all cashflow from the business limiting its ability to trade through lockdown.”

It said following the deal and lifting of some lockdown restrictions, “current and future customers can be reassured that their orders will be fulfilled as soon as possible and in line with the UK Government’s safe trading guidelines”.

Better Capital said it invested £3.2 million in the deal.