It’s been known for a week or so now, but official documents posted on The Gazette now confirm that Sash UK has gone into administration:
This was mentioned in the recent announcement by VEKA of its plans to review their business. Sadly, given the current climate and what we know is coming down the road, there are likely to be more casualties before things settle back down again.
Installers will now need to find new suppliers for their products, and inevitably there will be questions as to who gets paid what they are owed from the business.
From a personal perspective, I don’t live far away from where the business is based. I know this is going to hit the area hard as they were a major employer in the community and there will be ramifications for the area there. I hope that in some capacity a new owner can be found and jobs can come back to the factory and the local area.
As a side note, a look through The Gazette shows an increasing number of companies involved in the construction sector closing down. A worrying sign that the effects of the recession may now be starting to kick in. There has been a high number of companies being filed for closure on there recently anyway, but I have noticed that there has been a rise in the number of construction companies and other companies from linked sectors being put into administration.
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The first question is who are the Creditors that will take the losses?
As always, I suspect it will be the major suppliers and the Crown, closely followed by 2nd line suppliers, sub-contractors and employees.
There are questions to be answered regarding both any pre-pack legislation in place currently and the financial capabilities of Company Directors, especially ones who have a history of involvement with failures. It is people’s livelihoods at the end of the day.