Synseal rescue body Aperture Trading collapses into administration
17th March 2020

Days of speculation were ended earlier today when KPMG formally confirmed that Aperture Trading, the vehicle created for the acquisition of Synseal from administration, has itself been placed into administration amid falling sales and after attempts to sell the ailing business failed to find a solution.

The business is continuing to trade with 330 retained staff while administrators seek a possible buyer for all or parts of the group, but 121 employees from all levels of the company have been immediately made redundant.

Chris Pole and Will Wright of KPMG were appointed as joint administrators. Restructuring Director Tim Bateson said in a statement: “Despite significant and ongoing restructuring of the business last year following its acquisition of Synseal Group’s assets, Aperture Trading has suffered from significant market headwinds, trading pressures and a decline in sales.

Over the last few weeks, we have been exploring sale options for the company and unfortunately none of the interest received presented a viable solution. As a result, this led the directors to take the difficult decision of placing the company into administration.”

Interested parties should contact Alice Hutson: alice.hutson@kpmg.co.uk

The news comes just a year after the buyout was announced by former Synseal directors Matthew Mycock and Andy Jones along with the promise of ‘significant investment’ in a move that was said to safeguard 1,000 jobs and secure supply to 1,200 customers read story

The acquired assets was made up of divisions and brands including Synseal Extrusions, Warmcore, Calibre doors, Global Glass and Norvik.

Later, it was revealed that the former Synseal Group had left a trade debt of nearly £16million read story.

In 2017, Synseal Group announced a refinancing with the support of investors HIG and Proventus in the wake of a number of significant acquisitions by Global Glass.

Any interested parties are asked to contact Alice Hutson of KPMG: alice.hutson@kpmg.co.uk