Buy-out saves 370 jobs at Yorks glass firm

Date: 22 December 2004

Steve Ellis and Ian Green of PricewaterhouseCoopers were appointed joint administrators to Abbseal Limited yesterday and have announced the immediate sale of part of the business.

Based in Leeds, Abbseal is one of the UK's leading flat glass processors, and a manufacturer of a wide range of insulating glass units and toughened safety glass. The company employs around 460 people in the UK and trades from four sites - Leeds, Hyde, Gloucester and Peterborough.
Despite implementing a turnaround plan, ongoing cash-flow problems and a funding requirement in early 2005 that could not be met contributed to directors of the business requesting the appointment of administrators. In a statement the administrators said they were pleased to announce that they had immediately completed a sale of the business and assets of the Leeds, Hyde and Peterborough sites to a management buy-out team led by chief executive Martin Brayshaw, preserving around 370 jobs.
"Unfortunately, in the absence of any immediate interest, it is not viable to continue trading the Gloucester facility, which will cease to trade resulting in the loss of around 90 jobs," it added.
Mr Ellis said: "It is particularly welcome at this time of year, as it provides certainty for employees in Leeds, Hyde and Peterborough and also delivers continuity of supply to customers.
l EDWARD Klempka and Mark Loftus of PricewaterhouseCoopers have been appointed joint administrators of Humberside-based opthalmic surgery group Eyebright, putting 10 jobs at risk.
Based in Hessle, the business provides an ophthalmic surgery facility for surgeons with advanced technology, offering private day-care for a range of problems including cataracts treatment and corrective laser surgery for sight defects.
Mr Loftus said: "This is a state-of-the-art facility in the East Yorkshire region. There are no patient operations scheduled until the New Year and, in the meantime, we will be liaising with interested parties to try to complete a sale of the business."

600450 Buy-out saves 370 jobs at Yorks glass firm

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