Synseal Group acquired by Aperture Trading
Synseal Group has been sold to Aperture Trading, which was established by Synseal’s former majority shareholder and chairman Adrian Fawcett, and supported by a senior management team that includes CEO Matthew Mycock and former group sales and marketing director Andy Jones.
Aperture purchased the majority of Synseal Group’s trade and assets from administration for an undisclosed sum. The acquisition will safeguard more than 1,000 jobs, secure supply to 1,200 customers, and allow the business to focus time and investment on areas which can be grown and create new value, it was revealed.
The trade and assets acquired are Synseal Extrusions, Warmcore, PVCU fabrications, roof systems, Masterdor (now known as Calibre doors), Global Glass and Norvik.
The group’s conservatory roof fabrication business was not acquired as part of the transaction and 42 redundancies were made.
Matthew Mycock said: “I joined the business in April last year and have since been working hard with the board to chart a new course through a rapidly changing industry landscape. The formation of Aperture Trading provides the platform from which to develop a business that is right-sized and fit for the future, and one in which investment can be made across the many innovative products that will drive its growth.
“We all know that the fenestration sector is fast changing and will continue to be under challenge in a number of ways: raw material costs, accelerated consolidation across extruders, fabricators and installers, stagnation in some product categories and a significant reduction in consumer confidence. And yet, there is still real opportunity to be found.
“But to access it, businesses need to decide where their core is and honestly appraise current performance and where the opportunities for improvement lie. That’s why it has been critical to implement these changes and secure investment across the businesses in order to seize this opportunity. The team is now clear on the way forward. We’re determined that we will create a simpler, more customer focused, and more sustainable business for our customers, colleagues and critical supply chain partners.”
Andy Jones said: “Following months of speculation, we trust this announcement will quell any conjecture about our future path. Customers and the entire supply chain can rest assured that Aperture’s management team are all unswerving in our commitment to the venture, and between us, will bring to market a powerful blend of decades of industry experience, backed with a depth of strategic business acumen from other sectors. We will be sharing more detail about our planned investment into the different parts of the business over coming weeks and months.”
Chris Pole and Mark Orton from KPMG Restructuring were appointed as joint administrators to the group on March 5, 2019. Immediately upon their appointment, they concluded a sale of the business and its assets to Aperture Trading.
Following the sale, 1,016 employees and seven leasehold sites have transferred to Aperture.
Chris said: “Against a backdrop of challenges due to cost pressures from increasing material prices and fluctuating exchange rates, together with market decline due to softening consumer demand, the directors have worked hard to try to turn the business around and secure a rescue bid with investment.
“This sale provides as much stability as possible for stakeholders, as it secures further finance for the business, and safeguards 1,016 jobs.”
Mat said: “I’m really looking forward to spearheading a new organisation that’s fit for the future, and most importantly, fit for the next generation of customers. Our clear message to the market is that we’re here to stay, and we’re here to build a strong business with customers at its heart.”