One of the UK’s leading double-glazing suppliers, Everest, has entered into administration, causing insolvency practitioners to scramble in an effort to save hundreds of jobs. The company, which has been under the ownership of Jon Moulton’s investment firm Better Capital for over a decade, appointed administrators earlier this week, according to sources.
Professional services firm ReSolve has been appointed to manage the administration process. It is reported that they are currently working to find a buyer for Everest in an effort to save as many of the company’s approximately 350 employees’ jobs as possible. Potential bidders for the company are expected to include both turnaround investors and industry players.
Mr. Moulton, a well-known turnaround specialist in the City, has been gradually winding down Better Capital for several years, with Everest being one of the few remaining investments. In the midst of the COVID-19 pandemic, Mr. Moulton orchestrated a rescue deal for Everest, as the company’s workforce was unable to visit customers in their homes. In June 2020, a pre-pack administration was carried out, resulting in the preservation of hundreds of jobs and allowing for the fulfillment of existing customer orders.
According to information shared with potential bidders by a separate team of advisors a few weeks ago, Everest is in need of immediate funding to alleviate pressure from creditors. The company also requires significant investment in marketing, systems, and brand in order to increase its market share and achieve strong underlying profitability and growth.
When approached for comment, ReSolve declined to make a statement, while Mr. Moulton has been contacted.
