Conservatory manufacturer and installation operation Planet Group Ltd has become one of the biggest phoenix-style company buy-backs the industry has seen:

Conservatory manufacturer and installation operation Planet Group Ltd went into an administration process on 22 December 2005, blaming a downturn in demand. This has resulted in the loss of jobs at a secondary franchise manufacturing plant and the glass business in Accrington.

The retail and trade division have been bought back from administrators Deloitte and Touche by the management team, led by founder Dean St John. The business will now consist of eight retail showrooms and a manufacturing plant employing 250 of the former 500 staff. It is not clear what redundancy package, if any will be paid to employees.

Mr St John, last year named Britain's 916th richest person in the Sunday Times with £52 million total wealth, has made it clear that no Planet customers were affected by the move. But it is believed that Planet's suppliers, including Ultraframe are owed substantials sums. It is understood that Planet had three month payment terms with many suppliers and this generosity has been abused to the maximum. Consequently, Planet is buying from Synseal. More next month.

Source

Glass Age