PracticeConsultingGlassmaker’s survival hopes shattered

Glassmaker's survival hopes shattered

Lancashire-based glass manufacturer Ravenhead has decided to close down, making its remaining 200 employees redundant.

The decision to wind up its UK operations came on Wednesday 28 February after a creditor’s meeting. Following this resolution, the company will go into liquidation unless a company voluntary agreement is reached. Administrators say it is unlikely that unsecured creditors will receive any money back.

Ron Robinson and Paul Stanley of business recovery firm Begbies Traynor in Manchester were appointed administrators of Ravenhead in November 2000. The company blames the strength of the pound for its demise after falling foreign exports caused it to lose £1m last year.

In attempts to get out of the red, the company initially cut 130 jobs of its 330-strong workforce. It also attempted to make a deal with Canadian firm Libbey, the original owners of the glass-making business.

Ravenhead is a subsidiary of Belgian glassware manufacturer Durobor. Prior to the administration, chief operating officer Don Cooper, who also acted as company secretary, fulfilled the finance role at the UK-subsidiary on behalf of the parent company.

The person in charge of Finances in Belgium is Eric Wilberz. A source close to the company said dialogue between the parent company and its subsidiary was ‘fairly minimal’ and the UK staff knows little about the operations in Durobor’s Belgian office.

Links

Glass company appoints administrators

Ravenhead

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer