Everest, one of Britain’s largest double-glazing suppliers, has plunged into administration, sparking a frantic effort to save hundreds of jobs. Owned by Jon Moulton’s Better Capital for over a decade, the company has enlisted ReSolve as administrators in a bid to salvage the livelihoods of its roughly 350 employees.
The move comes as a blow to the industry, with insolvency practitioners now scrambling to find a buyer for Everest. Potential bidders, including turnaround investors and industry players, are being sought to rescue the struggling business.
Jon Moulton, a prominent financier known for his turnaround expertise, had previously orchestrated a rescue deal for Everest in the wake of the Covid-19 pandemic. A pre-pack administration in June 2020 had saved numerous jobs and allowed for the fulfillment of existing customer orders.
However, Everest’s current situation necessitates an immediate injection of funds to alleviate creditor pressure and propel the company towards profitability and growth. The company’s future hangs in the balance as administrators work tirelessly to secure a viable solution.
ReSolve, the appointed professional services firm, has remained tight-lipped about the ongoing process, while Jon Moulton has yet to provide a statement on the matter. The fate of Everest and its employees now rests on the outcome of the administration proceedings. Stay tuned for further updates on this developing story.