It is in the industry headlines again, it causes controversy because it punishes others while rewarding failure.
Pre-pack started out as one of those warm and cuddly Government initiatives to save jobs and keep people employed, but has quickly become distorted and used to leverage an advantage.
The losers are those intended to be saved. The jobs are still lost, then the rest of us as taxpayers pay the redundancy and unemployment benefits. Then as an industry we get to fund those losses that the supply chain has suffered whether directly in increased component costs or indirectly in their increased insurance costs. You would have thought that was punishment enough, it's not finished there a debt free company trading with an established name and its undervalued infrastructure (Website, factories, phones) gets to undercut you in the market place.
This all happens not in a free market free enterprise fashion, but behind closed doors by private arrangement to the benefit of those that personally failed and their professional advisors. This is not going bust in the traditional sense. …»
Is it time to change the Pre-Pack Rules?
As house arrest in the UK begins to loosen and at least in England people tentatively try and start up their damaged businesses we are going to see a very harsh landscape for our sector and there are many who went into this unprecedented event ill prepared for any sort of 'rainy day'. But this is more than a rainy day it's a tsunami of liquidity and shortly solvency as well because a market where capacity already exceeded demand will see that factor magnified hugely as that demand falls.
We will see business failures that are not anyone's fault, they will be caused by the complete shutdown of the UK economy and to be fair there is not one business owner Director or Manager you could have expected to plan for that. On the flip side we will see some take advantage of this to yet again exploit the Companies Act and indulge in the Pre-Pack, not something that is unique to the window industry but it does seem to be something that suppliers and customers have taken for granted and even ignored after a bit of salacious gossip on social media. For those unsure how it works (and good for you if you don't!) a company is covertly lined up for a process that involves declaring it insolvent and immediately assets are bought back (usually with only one bidder who is cited as 'the best offer immediately available or likely') and here is the problem, often these assets are bought back by previous owners or beneficial owners of the business or their wife or kids (or some proxy company).
What's the problem? Well this is not a victimless event, suppliers don't get paid, employees don't get money due, and the taxpayer loses what they are properly owed (remember the NHS, that's not for free) and customer's warranties …. …»
Is it time to change the Pre-Pack Rules? © Chris Ball May 2020
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'Deceuninck reports June 2020 sales 15% up on June 2019'
Deceuninck has seen a “spectacular” post-lockdown recovery, with June sales up 15% year-on-year and ahead of the 2020 budget. The leading systems company says demand is particularly strong for Flush windows and doors, and for colour. Deceuninck MD Rob McGlennon says: “Our sales in June increased 15% year-on-year, well ahead of our p ...more
Hegla -
'HEGLA Introduces New V-H 150 Seculift For Smart Factories And Secure Glass Handling'
The new V-H 150 Seculift from HEGLA is next generation glass handling technology for lifting, placing and manipulating glass on a production floor. The V-H suction device is user-friendly and has exceptionally high safety standards included for day-to-day use on cutting systems, furnaces, and laminating lines. As an energy-saving conce ...more
PatioMaster -
'PatioMaster launches new retail brochure'
PatioMaster has launched a new 36-page consumer brochure. Gerald Allen, Marketing Manager at Epwin Window Systems, said: “Our new PatioMaster retail brochure has been designed to support both fabricators and installers ’ marketing activities by showcasing the exceptional quality and design credentials of our PatioMaster doors.” ...more
Garnalex - Garner Aluminium Extrusions -
'Garnalex continues to invest and expand amidst Covid-19 crisis'
Despite lockdown and economic uncertainty, Garnalex has continued to invest in its innovative new aluminium window and door systems. The company is on track and launching Sheerline Classic, its revolutionary beadless aluminium window system in July. This will be quickly followed by the launch of Sheerline ’s Prestige window and door system at the ...more
Euramax Solutions -
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Yale Door and Window Solutions -
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Stellar, the double G Award-winning aluminium system from Epwin Window Systems, has been setting a new standard for the industry ever since it was launched last year. And one of its features is proving more important than ever at the moment: its speed and ease of fitting. Gerald Allen, Marketing Manager at Epwin Window Systems, explained ...more
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'Modplan adds Leka Systems Skylight to its portfolio'
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Epwin Window Systems -
'Epwin Window Systems releases new colour retail guide'
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Fentrade Aluminium -
'Fentrade Aluminium bounces back to pre-Covid shutdown levels'
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Deceuninck -
'Deceuninck provides practical Covid-19 advice and PPE kits for a safe return to work'
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