A report from the Daily Mail online tonight is reporting that Everest Home Improvements is on the brink of collapse. You can read their article in full here.
The report comes as a meeting a week ago today agreed the cancellation of the shares in the fund that owns the company. You can read more about that here.
No work being undertaken
This is their current status as per the Everest website:
Following the announcement of the UK government on 10th May 2020, and messages from the First Ministers of Scotland and Wales, Everest remains closed at this time. We are keen to resume operations as soon as possible but are first ensuring we can fully comply with the ‘COVID SAFE’ guidelines for employers.
We have a very limited workforce who are responding to online enquiries and preparing for re-opening. To contact us you can raise an enquiry on the contact us page, but please be aware that we are experiencing long delays in response times. If you have a query about an installation, survey or service appointment please be assured that you will be contacted and do not need to raise an online enquiry. If you need advice about Everest products you may be able to find what you need here.
The Daily Mail article goes on to say that even with certain measures of lockdown being lifted, it won’t be enough to turn things around at the company.
The company employs around 2500 people and according to the article has £100m worth of orders from homeowners on its books. Apparently, buyers are being sought for the business. The article explains that an announcement is expected in the coming days.
As we have seen recently, when a large company goes under, as SafeGlaze did a couple of years ago, it creates a wave of disruption to homeowners and across the supply chain. In that instance, the SafeGlaze brand was canned and the order book was bought by Warmseal up in the northeast and work resumed on people’s homes. It remains unclear what the situation will be here. Some believe there remains value in the Everest brand. Will the new buyers want to buy the brand as well as the order book? Will they want to take on the work and leave the brand behind?
Everest is one of our oldest and most recognizable brands in UK fenestration and no one wants to see so many people lose their jobs. I am sure we all hope for a positive outcome for those that work for the business.
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2,500 employees? We assume this includes all the sub-contractors. The last accounts (end of 2018) shows 683 employees. Year-end extended by 3 months which delays the need to file the next accounts by the same period. According to the filed accounts the company is heavily in debt.
they are bust and phoenixing as everest 2020