Restructuring saves majority of jobs at window and door ...

A window and door manufacturer has undergone a "significant financial restructuring" in a move that has saved more than 500 jobs. However, 101 jobs have been lost as one of its brands was not sold. 

As part of the restructuring at Customade Group, headquartered in Stonehouse, Gloucestershire, the assets and trade of Polyframe, Stevenswood, REAL and Atlas have been sold to new buyers in two separate transactions, ensuring the continuity of the brands. 

However, a buyer was not found for the Virtuoso business - which is based in Newcastle - meaning it has now ceased trading.

There are also a small number of redundancies in group roles and in certain Stevenswood branches and related support functions.  

Customade Group chief executive Will Gold said: "Over the past two years, the market for our products has been contracting, and we've witnessed numerous businesses within our sector struggle and ultimately go into insolvency. Our goal throughout the process was to secure the trading future of as much of the group's previous operations as we could and thereby protect the jobs of as many of our employees as possible."

Accounts for the group, which were filed in October 2023 for the year ended December 2022, demonstrated the financial strain caused by historic trading losses and the pressing need to refinance senior banking facilities by the end of December 2024

Gold added: "I am pleased that through these transactions we have been able to secure so many jobs going forwards, but I am deeply disappointed that we were unable to find a solution that preserved the Virtuoso business and avoided the other staff redundancies. I am hugely grateful to all our staff that worked so hard and showed such commitment during a very difficult period and for the support of our supply chain partners and valued customers."

Rob Croxen and Mark Firmin of Alvarez & Marsal were appointed as joint administrators over Customade Group Services Limited. 

In a statement, they said: "Immediately upon appointment, the business and assets of Polyframe Limited, Customade Limited and Stevenswood Limited were sold to third-party purchasers, saving more than 500 jobs. Regrettably, Virtuoso Doors Limited is not included in this process and is being wound down, leading to 101 redundancies, with 2 members of staff being retained by the joint administrators to assist with an orderly wind down of its operations. The joint administrators are supporting these employees through the process."

In 2020, Nimbus and MidCap Financial acquired the majority of Customade Group, safeguarding 800 jobs. 

Virtuoso was established in 1981.