Northampton/United Kingdom based Panoglass – part of the Panoramic Group – has entered administration, in a bid to “stem substantial losses”.
The management has offered reassurance that the other divisions within the group “continue to trade successfully and financially securely”.
Alan Rees, the company’s managing director, said: “Despite significant and ongoing injections of cash since we acquired the company a year ago, it has been impossible to bring Panoglass to profitability, and the decision to place the company into administration to stem substantial losses became inevitable.
“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 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.”
Panoramic Group bought the business from Epwin at the end of 2018.
Epwin Glass, as it was known then, was itself a consolidation of Epwin Glass businesses – CET and DB Glass – on the Northampton site.