The windows firm, based in Cuffley in Hertfordshire, was plunged into crisis in March when the lockdown made it impossible for staff to make sales and installation visits to customers’ homes.Everest has been been sold back to its private equity owner Better Capital via an insolvency procedure known as a “pre-pack” administration.
The windows firm, based in Cuffley in Hertfordshire, was plunged into crisis in March when the lockdown made it impossible for staff to make sales and installation visits to customers’ homes.
Everest has been been sold back to its private equity owner Better Capital via an insolvency procedure known as a “pre-pack” administration. However, the company said 188 redundancies were being made across the business.
Alistair Massey, a partner at FRP, the advisory firm that handled the sale, said Everest was an “iconic British brand” with an enviable market position in its specialist field.
“In the face of incredibly challenging trading conditions in recent months, the business required restructuring to ensure a sustainable future,” he said. “This deal secures a significant number of jobs and personal livelihoods for many affiliated roles.”
Everest works with around 600 self-employed fitters.
The deal will involve the transfer of 413 full-time jobs in manufacturing and sales to new trading company Everest 2020 which has taken over the order book. Better Capital is investing £3.2m in the new vehicle.
Everest has made losses for several years, with the last set of accounts filed at Companies House showing a £9.3m loss on sales of £105m for 2018. The company has 18 distribution centres as well as two factories: in Sittingbourne, Kent, and Treherbert, Wales.
(The Guardian, June, 2020)
ALL VERY WELL TO MAKE SO MANY EXCUSES, BUT WHY DIDN'T THE 'NEW EVEREST' BOTHER TO TELL THEIR PAST CUSTOMERS THAT THINGS HAD CHANGED SO DRAMATICALLY AND ALL EVEREST'S WONDERFUL GUARANTEES ARE NOW COMPLETELY WORTHLESS?
The first I heard about this was when yesterday's mail came with a free leaflet from Everest advertising their current sale and wonderful offers of double-glazed windows, etc., etc.
As we've been having problems with our expensive Everest sash windows for years (and especially recently, see left), phoning them was at the top of my list of stuff to do.
When I did so, I was told more or less the same story as that in The Guardian. When I asked if the original Everest guarantees (all of which I still have in a file) would still be honoured, the reply was "As we're a new company, I'm afraid not."
When I asked if that was legal, she said she wasn't a lawyer and therefore didn't know.
I'm looking into it and would be glad for any comments readers may have.