Member Article

Glass firm that worked on Terminal 5 in pre-pack administration

Architectural glass specialists Sharda Glass Limited, who operate a base in Middlesbrough, have been saved from closure by Consensus Capital Private Equity Limited.

Middlesex-headquartered Sharda operate Teesside University offices and specialise in glass design for contemporary architecture.

A pre-pack administration deal means 65 jobs were saved before Christmas, just as the firm had run into cashflow problems.

Sharda have worked on designs for London’s St Pancras Station, Heathrow Terminal 5, and other bespoke projects for residential, commercial, sports and arts buildings.

Consensus Capital Private Equity formed a new company, CCPE Architectural Glass Limited, to acquire the assets of Sharda from the administrators.

Eric Walls of KSA Group’s Team Valley office and Wayne Harrison of KSA Group’s London office were appointed as joint administrators before Christmas.

Mr Walls, KSA Group’s national insolvency director, said: “We endeavoured as we always do, to try and find a non administration solution. However the scale of the debts and the business problems meant that this option was not available.

“Having sold the business to a well capitalised buyer we managed to maintain 65 jobs for employees, the continuity of the business for its customers and we believe a better result for stakeholders.”

www.companyrescue.co.uk

This was posted in Bdaily's Members' News section by Tom Keighley .