One of Britain's largest double-glazing suppliers has crashed into administration, leaving insolvency practitioners engaged in a race to salvage lots of of jobs.

Sky News has learnt that Everest, which has been owned by the outstanding financier Jon Moulton's funding agency Better Capital for greater than a decade, referred to as in directors this week.

ReSolve, an expert companies agency, has been appointed to deal with the method.

Sources stated it was now engaged in an try and discover a purchaser for Everest in an effort to save as lots of the firm's roughly 350 workers' jobs as doable.

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Potential bidders are anticipated to incorporate turnaround buyers in addition to trade gamers.

Mr Moulton, one of many City's best-known turnaround specialists, has been winding down Better Capital for years, with Everest certainly one of its few remaining investments.

He engineered a rescue deal for the loss-making enterprise months after the COVID outbreak prevented its workforce from visiting prospects of their houses.

A pre-pack administration, which happened in June 2020, salvaged lots of of jobs and paved the way in which for the fulfilment of present buyer orders.

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According to data circulated to potential bidders by a special agency of advisers a number of weeks in the past, Everest "requires an immediate funding injection to relieve creditor pressure which, combined with further significant investment in its marketing, systems and brand, can deliver increased market share, and a path to strong underlying profitability and growth".

ReSolve declined to remark, whereas Mr Moulton has been contacted for remark.