Glazing and façade manufacturer/installer Architectural Glass and Aluminium Ltd (Argla) of Murton, Co Durham has called in the administrators.
“The business has recently suffered unanticipated losses on a large contract, as well as dealing with an ongoing legal dispute with a main contractor,” according to a statement by administrators RSM.
“Despite significant efforts by the Directors to alleviate those issues, they have been unable to secure additional financial support and have therefore taken the difficult decision to cease trading.
“The proposed administrators are working to maximise the potential returns for creditors and are liaising with the management team and suppliers to minimise the impact for ongoing contracts. It is anticipated that all staff will be made redundant once the administration appointment is confirmed.”
Gareth Harris, partner at RSM and joint administrator, said: “Such a large drop in profit on two large contracts has significantly and rapidly impacted the viability of the business, and the directors had to take the difficult decision to appoint administrators at short notice.”
