Double-glazing giant Everest collides with administration | Business News

One of Britain’s biggest double glazing suppliers has clashed with administration, leaving insolvency professionals embroiled in a race to save hundreds of jobs.

Sky News has learned that Everest, which has been owned by prominent financier Jon Moulton’s investment firm Better Capital for more than a decade, has called in administrators this week.

ReSolve, a professional services company, was appointed to handle the process.

Sources said the company is now committed to finding a buyer for Everest in order to save as many jobs as possible for the company’s approximately 350 employees.

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Potential bidders are expected to include turnaround investors as well as industry players.

Moulton, one of the city’s best-known turnaround experts, has been shutting down Better Capital for years, with Everest one of the few remaining investments.

He engineered a rescue deal for the loss-making business months after the Covid outbreak prevented his workforce from visiting customers in their homes.

A pre-pack administration, which took place in June 2020, saved hundreds of jobs and paved the way for fulfilling existing customer orders.

According to information distributed to potential bidders by a different consulting firm several weeks ago, Everest “requires an immediate injection of financing to alleviate creditor pressure which, combined with significant additional investment in its marketing, systems and brand, could generate greater market share, and a path to strong underlying profitability and growth.”

ReSolve declined to comment, while Mr Moulton was contacted for comment.