Cash flow difficulties and the COVID pandemic have been blamed for the collapse of Glazing the Island, which has entered liquidation with the loss of 17 jobs.
Earlier this week it was revealed by Island Echo that liquidators Quantuma had been appointed to oversee the winding up of the window and door company based at Somerton Industrial Estate, Cowes.
Despite a reported turnover of £1.6million in 2023, the company has gone under owing more than £280,000.
It’s said that the company encountered financial difficulties as a result of the COVID pandemic, as decreased consumer confidence caused a reduction in turnover, increasing pressure on the firm’s cash flow. The company diversified into commercial contracts in an attempt to boost revenue, however, this impacted on the delivery of domestic work from private customers leading to complaints and further cashflow difficulties.
It’s said £132,000 is owed to 43 trade and expense creditors, £105,000 to employees, £19,000 to directors, £18,700 to banks, £6,700 to the property landlord Somerton Developments and £4,900 to 4 consumers. It is currently estimated that around £58,000 can be raised to pay off creditors.
It was in 2018 that GTI Glazing called in Southampton-based Quantuma to wind up that business, with the 3 directors of the firm then swiftly establishing Glazing the Island Ltd., as previously reported by Island Echo. Readers may be feeling a sense of deja vu.
It has been confirmed that Glazing the Island has ceased trading and 17 employees have been made redundant.
The news of yet more redundancies comes amid a flurry of blows to the local economy in recent weeks… In December, it was announced 300 jobs were to be lost at Vestas and on Boxing Day it was revealed Wyld in Newport had closed with immediate effect. Furthermore, Hovertravel has cut 17 staff roles and reduced both its morning and evening services, and Kingswood in Bembridge closed with immediate effect in January as a result of its parent company being placed into administration.
It doesn’t end there though… Snows Isle of Wight closed its doors earlier this month due to economic circumstances and Liz Earle has announced it is closing its Head Office in Ryde with the loss of a number of jobs.
Bullshit the directors are to blame winding it up to fill their pockets…again..funny other business been ok with the covids..
Covid affected most businesses finances….consumer money was tight and people got out of the habit of spending, especially on big ticket items like new windows. Just ask around. Sales are down everywhere.
They shouldn’t charge too much in the first place.
Coming soon…Glazing the Island part 3,
‘The glass Phoenix’
And around and around we go… Suppliers seem to have short memories and will no doubt fall for the patter again when they re-surface. The staff will, of course, get almost nothing except agro as they try to sign on and get benefits.
It was well known with the Plandemic, many
businesses were on the fiddle claiming money
from Rishi.
Many self employed Numpty’s were also
milking the system.
These Numpty’s should be banned from running
businesses in the future, it makes me sick.
The Government took away the winter fuel allowance for
Pensioners, whilst many businesses have been getting
away with fiddling billions of pounds.
The system stinks!