Everest, one Britain’s biggest double-glazing suppliers, has fallen into administration, leaving 350 jobs at risk.
The company was acquired by British venture capitalist Jon Moulton’s investment firm Better Capital over a decade ago after it required a restructuring.
Sources told Sky News‘ Mark Kleinman yesterday evening ReSolve, a professional services firm, has been appointed to handle the process and was engaged in talks to save as many jobs as possible.
Potential bidders are thought to be “turnaround investors as well as industry players”.
Information circulated by potential bidders – seen by Sky News – said the company “requires an immediate funding injection to relieve creditor pressure which, combined with further significant investment in its marketing, systems and brand, can deliver increased market share, and a path to strong underlying profitability and growth”.
It comes four years after Moulton conducted a rescue deal for the loss making business during the pandemic, after social distancing measures prevented its workforce from visiting customers in their homes.
The pre-pack administration, which took place in June 2020, saved hundreds of jobs and helped the business complete existing customer orders.
The outlet said Moulton has been winding down Better Capital for years, and Everest is among one of its last remaining investments.
It comes amid a challenging time for the home improvement market with customers scaling back purchases on big ticket items to save on spending.
B&Q owner Kingfisher has issued two profit warnings in the last year because of weak buyer demand.
City A.M. has contacted mentioned parties for comment.