We were warned that the collapse of construction giants ISG would have ripple effects, and the fenestration sector would not be spared from that fallout.
And so it comes to pass, as Vitrine Systems Limited has been placed into administration by advisory firm Quantuma.
ISG owed £187k to Vitrine
As expected, the collapse of ISG, and the immense sums it owed to subcontractors and others was always going to damage others. For Vitrine Systems Limited they were hit with a £187,000 loss. Ultimately it was that which saw the end of the company, somewhat unfairly as it was something out of their own control. 23 staff have been made redundant.
The business was formed in 1995, nearly thirty years ago. In 2023 they posted turnover of £8.8m.
This is the statement issued by Quantuma on their website:
Vitrine Systems entered administration as part of the fallout from the ISG administration. This resulted in a large bad debt which effected viability of the company, as well as lost projects and pipeline. As a consequence, the company was unable to continue to trade and entered administration shortly thereafter. Vitrine Systems employed a team of 23 staff – all roles at the business were made redundant by the company.
Based in Camberley, Surrey and working throughout the UK, Vitrine Systems was founded in 1995. The company provided specialist commercial glazing for the Construction and Building Management markets – designing, fabricating, installing and maintaining glazing products. The business reported turnover of c.£8.8m in 2023.
Quantuma managing director and Joint Administrator Nick Simmonds said:
“It is deeply regrettable that Vitrine Systems has been forced to cease trading, due to a series of challenging circumstances. This was a sad ending for a well-established company. As Joint Administrators, our immediate priorities have been to provide appropriate support to those whose jobs have been affected whilst seeking to obtain maximum value for the Company’s creditors. To date, the Company’s assets including the Vitrine brand, and a selection of current projects have been acquired, novated and continue to trade as Vitrine Glazing.”
The worry will be that there will be other casualties across the construction sector, as well as within fenestration, due to the collapse of ISG. This may take some time as these things generally do, but my fear is that our sector will be exposed further to the ISG losses and that may play out in the months to come.
You can read the original statement by Quantuma here: https://www.quantuma.com/insights/surrey-based-commercial-glazing-business-enters-administration
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