Member Article

Deal saves 37 jobs at Newcastle double glazing company

Warmseal has been brought back from the brink thanks to a deal saving 37 jobs at the Newcastle-headquartered company.

On August 2015, Steve Ross and Allan Kelly of Baker Tilly were appointed administrators of Warmseal Windows (Newcastle) Ltd. The company’s retail and trade divisions was sold to LTWF Ltd.

Mr Ross said: “Warmseal was recently hit by a substantial bad debt and an unexpected VAT liability which caused a cash shortfall. Unfortunately this could not be managed within the working capital available to the company leaving the directors with little alternative but to appoint administrators.

“The business as a whole has been actively marketed which saw a number of interested parties express an interest for portions of the company,”

“We are delighted that we have been able to secure a sale of the retail and trade divisions of the company to LTWF Limited which has helped retain 37 jobs and ensured that retail customers who have paid deposits will have their contracts completed.”

A spokesman for LTWF Ltd added: “We are excited to have acquired certain parts of Warmseal which has a long established and well respected name within the North East home improvement market.

“We intend to further invest in Warmseal to enhance the range of products, quality and service provided to the existing and new customers to ensure that Warmseal is the first choice for windows, conservatories and doors within the North East.”

Haines Watts Chartered Accountants and Mincoffs Solicitors advised LTWF Ltd on the deal.

This was posted in Bdaily's Members' News section by Ellen Forster .