Everest, a prominent windows and doors supplier in Britain, has encountered significant financial challenges, leading to its entry into administration. This has put approximately 350 jobs at risk. The company’s administration was overseen by administrators from ReSolve, who were appointed on Friday. 

The business which currently runs as Everest 2020 Ltd was founded over a decade ago. Founded over a decade ago, Everest underwent a restructuring after being acquired by British venture capitalist Jon Moulton’s investment firm, Better Capital. However, the company faced renewed difficulties brought on by the COVID-19 pandemic. In June 2020, Everest was forced to undergo a pre-pack administration, a move that ultimately saved hundreds of jobs but highlighted the severity of its financial struggles.

The impact of this administration is particularly felt in its manufacturing plant located in Treherbert, Wales, where nearly 100 employees face imminent job losses. Despite its headquarters in Cuffley, Hertfordshire, Everest’s operations in Treherbert have been a significant source of employment in the region. Additionally, the company employs seven staff members in Llantrisant, further contributing to the local economy.

Administrators from ReSolve have expressed regret over the necessity of making staff redundant but remain committed to exploring all options to preserve the business. They are currently engaged in discussions with potential buyers, including turnaround investors and industry players, who may offer viable solutions to sustain Everest’s operations and safeguard jobs.

Jon Moulton, known for his expertise in turnaround strategies, has been actively involved in salvaging Everest amidst the challenging economic climate. As Better Capital winds down its operations, the focus remains on securing immediate funding to alleviate creditor pressure and make essential investments in marketing, systems, and brand development. The goal is to enhance Everest’s market position, achieve sustainable profitability, and foster future growth opportunities.

Despite the uncertainties surrounding Everest’s administration, stakeholders are hopeful that a strategic acquisition or investment plan will pave the way for its resurgence and continued contribution to the industry.