Coldseal, one of the UK’s leading manufacturing and installing replacement window and door companies, has ceased trading. The latest in a series of liquidations over the years appears to have resulted in the end of the Coldseal name, established since 1979, and the loss of 150 jobs at the Alfreton factory alone.

There have been three liquidations involving the Coldseal name and assets this year: Coldseal Limited, on February 3rd; Coldseal Group Ltd, on October 14th; and latest holding company the Carthium Group, which ceased trading on November 3rd. In each case the assets changed hands before the liquidation for a knock-down price, leaving some major creditors unpaid, including the Inland Revenue and Customs & Excise. George Haddow, Barry Raymond Westwood and Carl Williams, were all directors of CGL, according to Companies House, and are also directors of Carthium.

While this is not illegal, liquidators have to report their findings to the Secretary of State by six months, and with such a quick succession of sales and liquidations it might be judged that Coldseal has effectively been trading while insolvent and the directors held responsible. The transfer of the Coldseal name might also be an issue.

Heywood Williams disposed of Coldseal in August 2003 for a 19.9% interest in what is now Carthium. HW will make a £0.7m debt provision in its full year results and next year’s figures will also be dented by £2.5m historic debt.

Supply of extrusions to Coldseal amounts to 3 per cent of HW’s turnover (2003: £387.4m), and this now appears to be lost also.

Liquidator for Carthium is Berg Kaprow Lewis, t:0207 922 9222.

Source

Glass Age