A MANAGEMENT buy-out is set to take place at a cladding company in Flintshire which went into administration.
David Moore and Don Bailey, of Begbies Traynor, were appointed joint administrators of Weatherwise (UK) Limited, a company with a turnover of £14m based on Flint Road, Saltney Ferry.
The company had worked on prestigious projects, including Wemble
y Stadium, the Malmaison Hotel in Liverpool and other substantial city centre developments throughout the country.
Due to cash flow problems, mainly as a result of delays in resolving a number of sizeable claims, the directors sought the advice of Begbies Traynor.
Following his appointment, David Moore has conducted negotiations over the past week with advice from quantity surveyors and solicitors.
A spokesman for Begbies Traynor said: “A deal has now been agreed with the existing management of Weatherwise and the deal on the table represents the best available for the benefit of creditors."
£1.5 million is owed to the company from the Wembley and Malmaison projects.
Other parts of the business, Weatherwise Export and Weatherwise Special Projects are not in administration, according to Begbies Traynor, and are trading normally.
The original Weatherwise company was started in 1973 by two cladding industry professionals, who stepped out of the big company management structure to build their own business from an initial share capital of just £2,000.
In 2004, the company was awarded the contract for roofing the new Wembley Stadium.
The full article contains 245 words and appears in Evening Leader Flintshire newspaper.
