Customade Group - Administration

The Customade Group of companies, suppliers of window profiles, glass, roof and door systems to the construction industry, had a majority of their businesses purchased out of administration, saving approximately 500 jobs.

Customade Group Services and its subsidiaries, Gloucestershire-based Customade, Gateshead-based Virtuoso Doors, Gloucestershire-based Stevenswood and Norwich-based Polyframe, entered administration on 18 December after facing significant financial strain in recent years, demonstrated by group level accounts which show operating of losses of more than £13 million in 2022.

Shortly after the appointment of Robert Croxen and Mark Firmin of Alvarez & Marsal as joint administrators, two separate deals were completed, saving four of the group's five businesses and about 500 jobs. Unfortunately, neither of the deals included Gateshead door manufacturer Virtuoso Doors, which is being wound down, resulting in about 100 redundancies.

The companies were assisted by Squire Patton Boggs.

This represents the second administration for Customade, which was previously saved out of administration in 2020 via a deal with investors that saved about 900 jobs.

Bibby Financial Services and Midcap Financial have registered charges against several of the companies.