GG Glass & Glazing Salvages Greenberg Glass Assets with Funding from Alliance Fund Managers
24th February 2009
A company run by two former directors of Greenberg Glass has acquired assets of the business which was placed into administration last October in a deal worth £400k.
GG Glass & Glazing was set up in February 2008 by two former directors of Greenberg Glass, Dennis Worrall and George Ireland who both resigned from their former positions two years ago.
Assets bought include two factories and the former head office in William Moult Street, Liverpool, where the business has just moved and will now be headquartered. In addition, around 50 Greenberg staff have been taken on including three senior executives – Sam Grant, John Grant and Richard Thomas who join as directors.
Initially GG Glass acted as a middleman for suppliers and contractors but after taking on the assets of Greenberg Glass has now undergone significant expansion.
The deal was backed by Alliance Fund Managers which invested £250k through the MSIF Mezzanine Fund together with £100k from HSBC and £50k from the directors.
GG Glass & Glazing has customers throughout the UK including River Island, Coral Racing Bookmakers, Arnold Clark and Barrs Scotland – a contracting business which builds schools throughout Scotland.
Finance director George Ireland said: “Dennis and I spent a combined 60 years at Greenberg Glass and had strong ties with the business and many of its employees. Greenbergs had a longstanding history in Liverpool and the chance to buy its assets to expand our business is a great opportunity. We are also pleased to be able to take on some staff whose jobs would otherwise have been lost.
“Since this expansion we have turned over £1m in the past two months alone and have numerous other contracts in the pipeline. We are now projecting a turnover of £4m for the year.
“This deal would not have happened without the support from AFM and we are very grateful to them for having faith in us.”
AFM investment director Malcolm Jones said: “The directors of GG Glass have industry experience and contacts which are second to none. We are really pleased to be supporting a small business which has been able to provide employment to ex-staff of Greenbergs and salvage some of that business. The figures to date speak for themselves and we believe the business has excellent growth prospects.”
GG Glass now employs a total of 60 staff and expects to take on 10 more in the near future.
Legal advisors involved in the transaction were Andrew O’Mahony of Brabners Chaffe Street who acted for AFM and Roger Pointon of Hill Dickinson who acted for the company.
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For further information please contact Angela white at Alliance Fund Managers on 0151 242 6376.
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Photo shows l to r: Malcolm Jones (AFM), Dennis Worrall & George Ireland (GG Glass and Glazing).