Synseal Group, a manufacturer and supplier of fenestration products headquartered in Huthwaite, has been sold to Aperture Trading Limited.
Chris Pole and Mark Orton from KPMG Restructuring were appointed Joint Administrators to the Group, comprising Synseal Extrusions Limited, Masterdor Limited, Norvik New Build Limited, Sheerframe Limited, Allerford Holdings Limited and Allerford Intermediate Newco Limited, on 5 March 2019. Immediately upon their appointment, they concluded a sale of the business and its assets to Aperture Trading Limited.
Following the sale, 1,016 employees and 7 leasehold sites have transferred to Aperture. The group’s conservatory roof fabrication business was not acquired as part of the transaction and regrettably, 42 redundancies have been made.
Commenting on the sale, 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.
“However, whilst it is always pleasing to preserve a significant number of jobs, sadly a number of redundancies are to be made at the conservatory roof fabrication business. Over the coming days, our priority is to ensure all employees who have been affected by redundancy receive the information and guidance they need in order to claim monies owed from the Redundancy Payments Office.”
Aperture CEO Matthew Mycock added: “Decisions like this are never made lightly, but following months of speculation, we trust that this announcement will quell any conjecture about our future path.
“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.”