Rescue deal saves Newcastle jobs27/08/2015
A rescue deal for the double glazing and conservatories specialist company Warmseal (Newcastle) has saved 37 jobs.
The Newcastle based firm were forced into administration by “substantial bad debt and an unexpected VAT liability” which caused a cash shortfall. This “could not be managed” within the working capital available to the company leaving the directors with “little alternative” but to appoint administrators.
Baker Tilly were appointed administrators on August 20, 2015 and immediately sold the retail and trade business to County Durham-based LTWF Limited which has helped retain 37 jobs and ensured that retail customers who have paid deposits will have their contacts completed.
Mincoffs Solicitors Corporate team acted on behalf of LTWF Limited on this deal. A spokesman for LTWF Ltd added: “We are excited to have acquired certain parts of Warmseal which has a long established and well respected name within the North East home improvement market.
“We intend to further invest in Warmseal to enhance the range of products, quality and service provided to the existing and new customers to ensure that Warmseal is the first choice for windows, conservatories and doors within the North East.”