BREAKING INDUSTRY NEWS:
Aperture Trading Ltd announces it has successfully completed an agreement to purchase the majority of Synseal Group’s trade and assets from administration for an undisclosed sum. The acquisition will safeguard more than 1000 jobs, secure supply to 1200 customers and allow the business to focus time and investment on areas which can be grown and create new value.
Benefitting from significant levels of new investment into the venture, Aperture has been established by Synseal’s former majority shareholder together with the Chairman, and with the backing of the senior management team, including CEO Matthew Mycock and Group Sales & Marketing Director Andy Jones.
The trade and assets acquired are Synseal Extrusions, Warmcore, PVC-U fabrications including vertical sliders, roof systems, residential doors – now known as Calibre doors – Global Glass and Norvik.
CEO Matthew Mycock comments on the acquisition: “I joined the business in April last year and have since been working hard with the Board to chart a new course through a rapidly changing industry landscape. The formation of Aperture Trading Ltd provides the platform from which to develop a business that is right-sized and fit for the future, and one in which investment can be made across the many innovative products that will drive its growth.”
“We all know that the fenestration sector is fast changing and will continue to be under challenge in a number of ways: raw material costs, accelerated consolidation across extruders, fabricators and installers, stagnation in some product categories and a significant reduction in consumer confidence. And yet, there is still real opportunity to be found.
“But to access it, businesses need to decide where their core is and honestly appraise current performance and where the opportunities for improvement lie. That’s why it has been critical to implement these changes and secure investment across the businesses in order to seize this opportunity. The team is now clear on the way forward. We’re determined that we will create a simpler, more customer focused, and more sustainable business for our customers, colleagues and critical supply chain partners.”
Andy Jones, Group Sales and Marketing Director adds: “Following months of speculation, we trust this announcement will quell any conjecture about our future path. Customers and the entire supply chain can rest assured that Aperture’s management team are all unswerving in our commitment to the venture, and between us, will bring to market a powerful blend of decades of industry experience, backed with a depth of strategic business acumen from other sectors. We will be sharing more detail about our planned investment into the different parts of the business over coming weeks and months.”
Mat concludes: “I’m really looking forward to spearheading a new organisation that’s fit for the future, and most importantly, fit for the next generation of customers. Our clear message to the market is that we’re here to stay, and we’re here to build a strong business with customers at its heart.”
Jobs saved at crucial time
The rumour mill has been in 7th gear for weeks now in private as to the fortunes and future of the company. Whilst this has been something to speculate for the industry, the 1000+ people employed at the company will have been anxious as to the actual real-world consequences of today’s news.
With Brexit on the horizon, the global economic cycle coming to an end, a rapidly evolving fenestration industry and consumer confidence falling away strongly, these are jobs that have been saved at an incredibly important time. That being said, I have seen on Linkedin a post that from a member of staff who says their department has been put into administration and is now seeking new opportunities.
As per the press release, the core elements of the business have been acquired, giving them presence in all the major parts of the fenestration market. The objective now will be to cement their new footing, start from a clean slate and build an adaptive business in what they acknowledge is a difficult market place right now.
Another huge tick in the box is the continuation of supply to fabricators and installers. The impact a systems company ceasing to exist would have had on the whole market would have been immense. Hopefully now fabricators and installers will learn of this news and breathe a sigh of relief.
This news will now put an end to the speculation around this company. However, there are other movements ongoing in the industry right now which could have significant impacts in the coming weeks and months. I suspect that in the run up to, and after Brexit, there is going to be a lot going on.
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