Tuesday June 9, 2020

FRP completes pre-pack administration deal with Better Capital

Our Restructuring Advisory team have completed the sale of Everest Limited (‘Everest’) out of administration in a deal that will secure more than 400 jobs in manufacturing and operations.

Everest is one of the UK’s leading window and home improvement companies. Established in 1965 and headquartered in Cuffley, Hertfordshire, the business provides window, door and conservatory products and services across the country. It operates from 18 distribution centres, two manufacturing sites in Sittingbourne, Kent, and Treherbert, Wales.

Our team has been working with Everest in recent weeks to restructure its operations after the business was effectively closed amidst the COVID-19 lockdown.

The Joint Administrators, Partners Alastair Massey and Geoff Rowley, sold the business to secured creditor and investment company Better Capital on appointment in a pre-pack transaction, which includes existing customer contracts and the transfer of 413 jobs. It further enables the retainment of a further 600 self-employed contractors who will also continue to be engaged by the company.

Following a consultation process, 188 roles have unfortunately been made redundant. We are now supporting all affected employees from across the business to secure payments through the Redundancy Payments Service. They will also assist in recovering deferred pension contributions for past and transferring employees.

Alastair Massey, Partner at FRP said: “Everest is an iconic British brand that has long maintained an enviable market position in the UK windows sector. In the face of incredibly challenging trading conditions in recent months, the business required restructuring to ensure a sustainable future. This deal secures a significant number of jobs and personal livelihoods for many affiliated roles.  Moreover, it achieves continuity for customers who have had their orders and deposits secured by this deal and who the company is now prioritising for service and installation.

“Regrettably, the restructuring of the business has led to redundancies. Our team is working hard to support their claims to the Redundancy Payments Service.”