In a statement issued on June 5th, Everest has announced that the company has been restructured, with the saving of 400 jobs. This was the statement published on the Better Capital website today:

Reconstruction of the Everest business

The General Partner of BECAP12 Fund LP (“Fund II”) has informed Better Capital PCC Limited (the “Company”) that through a pre-packaged administration certain of the assets, including the order pipeline of Everest Limited have been sold to a new trading company, Everest 2020.

This has been financed principally by Fund II which has invested £3.2m into the creation of the new business. It is likely that the next accounts of the Fund will therefore reflect a material write-down of the valuation of the Everest investment.

This transaction protected over 400 jobs and provides for the completion of existing window and conservatory orders. Installation operations restarted on Monday.

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