Dec 21 2004
Steve Ellis and Ian Green of PricewaterhouseCoopers were appointed Joint Administrators to Abbseal Limited (Abbseal) on 21 December 2004, and have announced the immediate sale of part of the business.

Based in Leeds, Abbseal is one of the UK’s leading flat glass processors, and a manufacturer of a wide range of insulating glass units and toughened safety glass. The company employs around 460 people in the UK and trades from four sites; Leeds, Hyde, Gloucester and Peterborough. Despite implementing a turnaround plan, ongoing cash-flow problems and a funding requirement in early 2005 that could not be met have contributed to directors requesting the appointment of administrators.

The Joint Administrators are pleased to announce that they have immediately completed a sale of the business and assets of the Leeds, Hyde and Peterborough sites to a management buy-out team led by Martin Brayshaw, preserving around 370 jobs.

Unfortunately, in the absence of any immediate interest it is not viable to continue trading the Gloucester facility, which will cease to trade resulting in the loss of around 90 jobs.

Joint administrator, Steve Ellis of PricewaterhouseCoopers, said:

“We are delighted to be able to conclude this sale to management and therefore restructure the business through the Administration process. It is particularly welcome at this time of year, as it provides certainty for employees in Leeds, Hyde and Peterborough and also delivers continuity of supply to customers.

“We will continue to explore options for the Gloucester site, but unfortunately we have had to cease trading as it is not viable to continue in the short term.”