revealed<\/a> last year that ISG paid Alucraft \u00a3300,000 in March to keep the struggling firm afloat while it delivered facades on one of ISG\u2019s projects in Maidenhead. Six months later, ISG itself went into administration.<\/p>\nAdministrators at PwC have now revealed that Alucraft\u2019s trade creditors are likely to receive at most \u00a3139,000 of the \u00a327.8m they are owed.<\/p>\n
Last September, administrators wrote that Alucraft had struggled with cashflow leading up to its administration, due to \u201cchallenging market conditions\u201d. Directors had appealed to its majority shareholder, private equity firm Elaghmore, for a \u00a35m short-term cash injection.<\/p>\n
PwC was brought on to evaluate restructuring options in early 2023. Attempts to sell the firm struggled as existing contracts were \u201clargely unprofitable to complete\u201d, the administrators added.<\/p>\n
The Bank of Ireland is likely to recover up to \u00a3620,000 of a joint overdraft facility it provided Alucraft, but Elaghmore is set to receive nothing of the \u00a319.1m it lent.<\/p>\n
Alucraft\u2019s administration period has been extended to next March to resolve a claim from both creditors against \u00a3682,000 the firm held in cash.<\/p>\n
At the time of its administration, Alucraft was part of Elaghmore-backed Clarison Group, which joined four facade and architectural glazing companies: Alucraft Systems, English Architectural Glazing (EAG), Alucraft (Ireland) and Williaam Cox.<\/p>\n
Clarison Group renamed itself as TGCL 2024 around the time of Alucraft Systems\u2019 administration, a few months before it entered liquidation.<\/p>\n
An Elaghmore spokesperson said at the time the firm\u2019s voluntary liquidation was part of an ongoing restructure that started after Alucraft Systems went under. The Clarison Group brand has been discontinued.<\/p>\n
The spokesperson added: \u201cThe three remaining businesses which make up the group \u2013 Alucraft Ltd (Ireland), Williaam Cox Ltd (Ireland) and EAG Ltd (UK) \u2013 are all trading profitably and are not affected by this step.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Creditors in a collapsed envelope firm\u2019s supply chain will get back up to half a penny in the pound at most, administrators have said. Alucraft Systems was in the middle of installing cladding at Laing O\u2019Rourke\u2019s Everton Stadium (pictured) when it appointed administrators last March, making its 40 staff members redundant. The Staffordshire-based firm\u2019s parent …<\/p>\n","protected":false},"author":141524,"featured_media":483057,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false},"categories":[554,552],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n