The Glass and Glazing Federation (GGF) is saddened to hear that Everest Ltd has gone into pre-pack administration. Everest was a founder member of the GGF and has been a regular contributor to GGF meetings for over 40 years.
The pre-pack administration comes against the backdrop of COVID-19, two months of lockdown and subsequent drop in consumer confidence. Better Capital said assets of Everest Ltd, including the company’s order pipeline, were sold via a pre-pack administration to a new trading company, Everest 2020. The deal was principally financed by the BECAP12 Fund, which invested £3.2m into the creation of the new business. Existing window and conservatory orders were protected with the sale in addition to safeguarding hundreds of jobs.
John Agnew, GGF Managing Director commented, “It is always sad when any company goes into administration, but when this happens to a long established company with a strong consumer brand, it has a greater impact on the industry. From the GGF’s perspective, we have lost a founder member, but we still have a very strong membership who are continuing to use our services, advice and guidance to get through these extremely difficult times.”
With Everest Ltd taking consumer deposits, many consumers may have feared losing their money. Everest Ltd was a contributing company to the GGF Deposit Indemnity Fund up until the closure of the GGF Fund Ltd on 31st March 2020.
GGF Fund Ltd and the GGF (the Trade Federation) are two completely separate companies. The GGF Deposit Indemnity Fund will deal with consumer deposits that were paid prior to 1st April and were covered by the GGF Deposit Indemnity Fund.
In March, GGF Fund Ltd announced that it was closing to any new business after 31st March 2020. This was due to the insurance sector assessment of the risk in industry due to the COVID-19 pandemic.
John Agnew, Chairman of GGF Fund Ltd added, “All companies in the GGF Fund have been notified of the procedures in place in relation to payments to consumers and the GGF Fund Ltd will deal fairly and transparently with any claims made on the GGF Deposit Indemnity Fund.”