Joph Young and Paul Masters have been appointed joint administrators of GBW Panels Ltd.
GBW Panels operated from Berkeley Business Park in Warndon, Worcestershire and specialised in the manufacture and supply of Upvc door panels, Composite doors and replacement roof products to customers across UK and Europe.
Producing over 100,000 panels and 10,000 composite doors annually, the business was one of the largest exporters in its sector and employed 38 people.
The Company was placed into administration by its directors after it experienced a prolonged period of declining sales, a couple of significant bad debts and tough trading conditions in the UK and overseas.
Due to increasing pressure on margins and high fixed operating costs the directors were concerned that the Company was no longer viable and sought the appropriate professional advice, resulting in the appointment of the joint administrators, immediate cessation of trade and the loss of all 38 jobs.
Joint Administrator Joph Young commented: “In spite of exhaustive actions by the Company’s directors the business was unable to continue trading.”
He continued: “Our efforts will now be focussed on providing the affected employees with the appropriate support whilst looking to maximise realisations for the benefit of the Company’s creditors.”
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