Everest bailed out with £3.2m backing
9th June 2020

Everest backer Better Capital has completed a pre-packaged administration deal that sees certain assets of the national installer including the order pipeline of Everest Ltd sold to a newly-created trading company named Everest 2020.

The transaction, financed principally with £3.2million from the BECAP12 Fund LP, is said to protect more than 400 jobs as well as enabling the new company to complete existing window and conservatory orders after installation was restarted this week following the Covid shutdown.

News of the deal follows widespread industry speculation about problems at the national installer, which last year reported ‘a year of transition’ following a £9.3million operating loss on a 7% revenue drop which it largely attributed to ‘competition for installer manpower’ combined with supply chain problems in 2018 read story.

The announcement of the reconstruction was made yesterday in a brief formal announcement:

“The General Partner of BECAP12 Fund LP (“Fund II”) has informed Better Capital PCC Limited (the “Company”) that through a pre-packaged administration certain of the assets, including the order pipeline of Everest Limited have been sold to a new trading company, Everest 2020.

“This has been financed principally by Fund II which has invested £3.2m into the creation of the new business. It is likely that the next accounts of the Fund will therefore reflect a material write-down of the valuation of the Everest investment.

“This transaction protected over 400 jobs and provides for the completion of existing window and conservatory orders. Installation operations restarted on Monday.”