Specialists from enterprise advisory agency Quantuma mentioned Surrey-based Vitrine Methods “entered administration as a part of the fallout from the ISG administration.”
They added: “This resulted in a big dangerous debt which effected viability of the corporate, in addition to misplaced initiatives and pipeline.”
Vitrine Methods employed a workforce of 23 employees and all have been made redundant.
Vitrine Methods was based in 1995 and offered specialist business glazing providing design, fabrication, set up and upkeep providers. The enterprise reported turnover of £8.8m in 2023.
Quantuma managing director and Joint Administrator Nick Simmonds mentioned: “It’s deeply regrettable that Vitrine Methods has been compelled to stop buying and selling, as a result of a sequence of difficult circumstances. This was a tragic ending for a well-established firm.
“As Joint Directors, our instant priorities have been to supply acceptable help to these whose jobs have been affected while searching for to acquire most worth for the Firm’s collectors. To this point, the Firm’s belongings together with the Vitrine model, and a collection of present initiatives have been acquired, novated and proceed to commerce as Vitrine Glazing.”
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