Business as usual, says conservatory firm
The owner of two Norfolk conservatory firms declared that is was business as usual, despite one of his companies going into administration.Edvic Ltd, which employs ten people in Thetford, and makes components for conservatories, called in the administrators last month following a 30pc drop in trade.
The owner of two Norfolk conservatory firms declared that is was business as usual, despite one of his companies going into administration.
Edvic Ltd, which employs ten people in Thetford, and makes components for conservatories, called in the administrators last month following a 30pc drop in trade.
But Peter Graves, owner and managing director, said the manufacturing firm would not be making any redundancies after his other business, Ultraroof UK Ltd, in Norwich, bought the assets of Edvic.
The merger, which will see the conservatory maker buying its supplier, will see the newly formed company retain its two separate sites at Burrell Way, Thetford, and at Meteor Close, on the Norwich Airport Industrial Estate.
Mr Graves said the ten staff at Edvic and 14 workers at Ultraroof UK would stay at their current sites as part of the restructuring process.
“The two companies are both in the conservatory business, but are completely different and require two different sites. There is good synergy between the two. We have no plans to cut staff levels, but there are a lot of future savings in terms of infrastructure, administration, and the distribution of the company's products,” he said.
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Edvic Ltd, was formed in September 2000, and was one of the fastest growing distributors of multiwall polycarbonate roof sheeting in the east of England until it was hit by the downturn in the construction industry. It has a turnover of £1.4m.
Mr Graves said the merger with Ultraroof UK, which has a turnover of £2.5m, would help secure the future of both sites during the current economic gloom.
Andrew McTear, joint administrator for McTear Williams and Wood, said that because the sale had been completed quickly, all of Edvic's creditors would be repaid in full over the next 12 months