Monthly Email News for the Architectural Aluminium Industry

Synseal trade debt near £16million
April 2019

Synseal has been revealed as owing trade creditors £15.78million when in went into administration last month, with reinforcement manufacturer Press Metal UK, Saint-Gobain Glass, polymer supplier Shin Etsu PVC BV and logistics provider XPO Transport each owed seven-figure sums.

Era, Edgetech, steel processor EWS Manufacturing, and polycarbonate sheet supplier Brett Martin also figure as major creditors of the PVC-U system supplier whose main assets were acquired from administration by Aperture Trading including Matthew Mycock and Andy Jones.

The Statement of Affairs published by the administrators shows unsecured non-preferential claims of £37million, including intercompany loans of £19million to Allerford Intermediate Newco Ltd, which is also in administration.

It also showed the company had assets, including property, machinery, vehicles, stock etc of £40million book value, estimated to raise £32million for preferential creditors.

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