On Tuesday 30th October 2018, Niamac Developments (trading as SafeGlaze UK) was placed into Administration and Rob Adamson, Mike Kienlen and Mark Ranson, Insolvency Practitioners at Armstrong Watson LLP, were appointed as Joint Administrators.
The Bradford based double glazing company designs, manufactures and installs UPVC windows and doors and has 8 sites across the country. Niamac Developments has ceased trading immediately and regrettably all 132 employees have been made redundant.
The Director, Phil O’Malley, commented:
“It is with deep regret that Niamac Developments Limited t/a SafeGlaze UK has today entered into Administration with Rob Adamson of Armstrong Watson being appointed Administrator.
“The business grew far in excess of the management’s and stakeholders expectations and more importantly than our key suppliers could service. Unfortunately the level of financial support required increased significantly because of the Company’s growth and the lack of constant supply from the main supplier of products.
“I would like to express my gratitude to the staff and our customers. I personally want to apologise to those suppliers adversely affected by the board of directors’ decision.”
Lead Administrator, Rob Adamson of Armstrong Watson LLP said:
“I can confirm that I was appointed Joint Administrator along with my fellow partners Mike Kienlen ad Mark Ranson over Niamac Developments Limited t/a SafeGlaze UK today. We have been working with the management over the last few days following the decision by the owner and stakeholders not to increase their exposure beyond the current level which is in excess of £11 million. The inability to secure materials to facilitate minimum weekly sales levels has adversely affected the Company’s cash flow and because of the uncertainty it was felt by the director that trading could not continue. It is with regret that 132 staff have been made redundant today and the Company has ceased to trade.
The Administrators are actively looking to dispose of the assets including the Company’s order book.
We are working with an employment specialist and Job Centre Plus to ensure that the employees are able to claim what is due to them as swiftly as possible from the Redundancy Payments Service.”