Fusion Glass, which designs decorative glass for large scale architectural projects and one-off commissions, and which entered into administration on 27 September, has been sold for an undisclosed sum…
Fusion Glass, which designs decorative glass for large scale architectural projects and one-off commissions, and which entered into administration on 27 September, has been sold for an undisclosed sum to Chelsea Artisans (Contracting) Limited. Following their appointment, the Joint Administrators Jason Baker and Geoff Rowley, partners at FRP Advisory LLP, secured a refinance, enabling the business to be traded through administration while a buyer was sought. Commenting on the deal, Jason Baker said: The construction sector was one of the biggest casualties of the recession and Fusion Glass suffered the knock-on effects. Ultimately, trading losses led to severe cashflow difficulties, which, in turn, led to the business“ insolvency. To ensure the business could be traded as a going concern during administration, protecting goodwill while a buyer was sought, we sadly had to make 16 of the total 48 employees redundant. We were able to secure funding in Administration, so the remaining business could be traded while marketing it to potential buyers. Having successfully secured the sale of Fusion Glass, we are now working with the new management team to ensure all redundancy claims are processed as quickly as possible and that appropriate levels of support are provided. The resulting business will have an annual turnover of approximately GBP 4.5 million and employ more than 45 design, sales, support, production and installation staff. The new company will trade as both the Chelsea Artisans and Fusion Glass Design brands, and will be headed by joint managing directors Jeremy John and Cliff McIntee, who added: It has undoubtedly been a tough few years for the construction sector; however, we are now starting to see an increased appetite for both new and refurbishment contracts. This acquisition has greatly strengthened our architectural glass offering and we feel confident it will significantly fuel our continued growth.