Steve Ellis & Ian Green of PricewaterhouseCoopers have been appointed joint administrators to Abbseal Ltd & announced the immediate sale of part of the business. Based in Leeds, Abbseal is one of the UK's leading flat glass processors, manufacturing a wide range of insulating glass units & toughened safety glass. The firm employs around 460 people & trades from four sites: Leeds; Hyde; Gloucester & Peterborough. Despite implementing a turnaround plan, ongoing cash-flow problems & a funding requirement in early 2005 that could not be met contributed to directors requesting the appointment of administrators. In a statement, the administrators said they were pleased to announce that they had immediately completed a sale of the business & assets of the Leeds, Hyde & Peterborough sites to a management buy-out team lead by CE M Brayshaw, preserving 370 jobs.
