KPMG opens window out of administration for Synseal Group
Chris Pole and Mark Orton, partners from KPMG restructuring, have been appointed joint administrators of Synseal Group, which has been sold to Aperture Trading, in pre-pack deal which preserves over 1,000 jobs
7 Mar 2019
Synseal Group is a manufacturer and supplier of fenestration products headquartered in Huthwaite. Following the sale, 1,016 employees and seven leasehold sites have transferred to Aperture.
The group’s conservatory roof fabrication business was not acquired as part of the transaction, resulting in 42 redundancies.
Chris Pole, joint administrator and restructuring partner at KPMG, said: ‘Against a backdrop of challenges due to cost pressures from increasing material prices and fluctuating exchange rates, together with market decline due to softening consumer demand, the directors have worked hard to try to turn the business around and secure a rescue bid with investment.
‘This sale provides as much stability as possible for stakeholders, as it secures further finance for the business, and safeguards 1,016 jobs.’
Matthew Mycock, Aperture CEO, said: ‘The acquisition by Aperture Trading Ltd will provide the platform from which to develop a business that is fit for the future, and one in which investment can be made across the many innovative products that will drive its growth.
‘Our team is clear on the way forward and we’re determined that we will create a simpler, more customer focused, and more sustainable business for our customers, colleagues and critical supply chain partners.’
Report by Pat Sweet