CO ANTRIM uPVC window and door manufacturer Camden has declared a loss of £3 million after it was forced to write off almost £2.5m.
The write-off, understood to be linked to the 2018 collapse of one of the company’s biggest customers, has been disclosed in the latest set of accounts for the Camden Group.
The report revealed that despite the Antrim firm recording a 16 per cent rise in turnover during the 12 months ending March 31 2019, exceptional costs and amortisation of some assets put its profitability for the period in the red.
Camden suffered a major blow during the 12 months following the collapse of Bradford glazing company Niamac Developments in late 2018.
The English outfit, which traded as Safeglaze UK, was placed in administration at the end of October 2018 with the loss of 132 jobs.
Camden was named as one of the company’s biggest creditors, with a total of £2.5m owed to the Antrim uPVC manufacturer.
The latest accounts lists a total of £2,448,701 written off in ‘trade receivables’.
Described as “sudden and unexpected” by Camden in 2018, the collapse of Safeglaze UK prompted the Antrim glazing firm to consult staff over a series of potential redundancies.
Despite reports that dozens of workers lost their jobs over the ensuing months, the new report published by Companies House states that the number of people employed by the Camden Group actually increased during the year to March 31 2019.
An average of 699 workers, including 539 production staff, are recorded by the uPVC company for 2018/19, 44 more than the previous year.
It pushed the company’s total staff costs for 2018/19 to £17.75m (up from £14.9m).
Along with its headquarters in Antrim’s Steeple Road Industrial Estate, Camden operates ten trade centres across Ireland and the UK.
In a brief summary accompanying the results, Camden director Brian Lavery said: “Both the level of business and the year-end financial position were not considered satisfactory and the directors expect that the current level of activity will be improved in the foreseeable future.”
