The company in charge of liquidating Cowes’ GTI Glazing Systems Ltd says it cannot confirm what will happen to customers’ guarantees.
Quantuma has revealed that “significant cashflow difficulties” have led to the company’s problems.
A final meeting will take place on 28 September, around 25 years after the firm was established.
Managing Partner Carl Jackson said,
“The business…had a turnover of £2m and employed 43 people.
“A meeting of the creditors has been convened for 28 September 2018 following which the company will be formally in liquidation. We are currently in the very early stages of the process of reviewing assets and any insurance provisions in place and are therefore unable to confirm guarantees.”
Isle of Wight Radio reported that two current directors and a former director have formed a new business called Glazing The Island.