Island firm GTI Glazing have called in the administrators with a view to the company being placed into voluntary liquidation.
The company, which is based at Somerton in Cowes, has been trading on the Island for over 25 years and employees 50 members of staff. But that looks set to come to an end with the appointment of administrators, Quantuma.
Shareholders are due to come together at the end of September to discuss the situation. It is anticipated that the decision will be taken to place the company into voluntary liquidation. Creditors will then be informed of the outcome and a meeting held as appropriate.
It is unclear at this stage what will happen for customers who have booked work to be carried by GTI.
3 of the directors of GTI Glazing Systems Limited have established a new company, Glazing the Island Ltd.
