Proactive Investors - Everest (LON:EVST), one of the UK’s largest double-glazing providers, has slipped into administration as it searches for an immediate buyer to save hundreds of jobs.
This week, the 350-employee-strong business, which has been owned by Jon Moulton’s Better Capital for over ten years, appointed ReSolve as administrator.
Plans have now turned to looking for a potential buyer for the business and those believed to be interested include investment firms searching for a bargain as well as industry rivals.
Moulton has gained a reputation over the years as one the best turnaround investors in the City, however, he is now in the process of winding down Better Capital, with Everest as one of the last remaining assets.
During the pandemic, Moulton pulled a loss-making Everest from the brink of collapse after a pre-pack administration provided a route for it to retain jobs and meet client orders.
According to details sent to bidders, Everest requires “an immediate funding injection to relieve creditor pressure.”
Advisors told potential buyers that should it receive additional funding the company would be able to “deliver increased market share, and a path to strong underlying profitability and growth".