Specialists from enterprise advisory agency Quantuma mentioned Surrey-based Vitrine Techniques “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.”
Paperwork filed by the administrator’s of ISG Building present Vitrine was owed £187,000 by the collapsed contractor.
Vitrine Techniques employed a group of 23 workers and all have been made redundant.
Vitrine Techniques 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 Techniques has been pressured to stop buying and selling, attributable to a collection of difficult circumstances. This was a tragic ending for a well-established firm.
“As Joint Directors, our rapid priorities have been to supply applicable assist to these whose jobs have been affected while looking for to acquire most worth for the Firm’s collectors. Thus far, the Firm’s belongings together with the Vitrine model, and a number of present initiatives have been acquired, novated and proceed to commerce as Vitrine Glazing.”
