Panoramic puts loss-making Pano Glass into administration
Alan Rees’s Panoramic Group has ended speculation over its Pano Glass division by confirming that it has been placed into administration, adding the reassurance that all the group’s other operations are unaffected by the move.
Rees said it had proved impossible to bring the operation into profitability despite significant and ongoing injections of cash since acquiring the company (from the Epwin Group) a year ago, and the decision, in order to stem substantial losses, became inevitable.
He continued: “Although we had introduced a number of innovative new products together with advanced manufacturing and management processes, the UK market for insulated glass units remains difficult in terms of fluctuating demand and the ongoing conflict between low prices and demand for ever higher product quality and service – something that is well documented and which has brought a number of other similar companies to their knees. We regret that we too have been unable to overcome the deeply rooted difficulties facing this sector.
“The other divisions of Panoramic Group Ltd are unaffected by the decision, continuing to enjoy strong demand for high quality, innovative products and with an excellent financial base. With the political unrest now apparently resolved we expect demand for Panoramic Group windows and doors to grow sharply.”
Pano Glass was formed by acquisition from Epwin Group, which had previously consolidated its glass operations, including CET Glass, into the one site at Northampton as well as making a seven figure investment in the factory and fleet read story. At the time of thr acquisition, the factory was producing 600,000 IGU units a year.