In a significant development impacting the home improvement industry, Everest 2020 Ltd has been placed into administration as of April 24th, 2024. Following earlier reports indicating Everest’s potential sale, Evolution Home Improvements has officially confirmed this administrative move, shedding light on the current state of affairs.
Evolution Home Improvements, in a bid to enhance transparency and ensure direct communication with its clients, has issued a formal notification regarding Everest 2020 Ltd’s administration. While Evolution Home Improvements Ltd remains unaffected and continues to operate as usual, Everest 2020 Ltd has taken the step of entering administration, signaling a pivotal moment for the company and its stakeholders.
In a message directly addressed to clients, Evolution stated, “As of the 24th April 2024, Administrators have been appointed for Everest 2020 Ltd only. Evolution Home Improvements Ltd are not in administration and continue to trade as normal.” This clear communication aims to reassure clients and maintain trust amidst the unfolding situation.
Furthermore, Evolution has expressed its commitment to providing timely updates and additional information as it becomes available, emphasizing the importance of transparency in navigating this period of transition. Clients are encouraged to reach out with any questions or concerns, with the assurance that Evolution Home Improvements remains steadfast in its operations.
For installers associated with Evolution, it is reiterated that the administration of Everest 2020 Ltd will not impact the trading activities of Evolution. With Evolution likely to function independently in the foreseeable future, installers can proceed with confidence in their business dealings.
Meanwhile, Everest has posted an official statement on its website, confirming the appointment of Chris Farrington, Cameron Gunn, and Lee Manning of ReSolve Advisory Limited as Joint Administrators of Everest 2020 Limited. This formal announcement underscores the administrative process underway and provides a point of contact for inquiries related to the administration.
ReSolve Advisory Limited, as licensed Insolvency Practitioners in the United Kingdom, assumes responsibility for managing Everest 2020 Ltd’s affairs during the administration period. Interested parties are directed to contact ReSolve for further information or queries regarding the business and administration proceedings.
Amidst speculation about the future of Everest, it is revealed that ReSolve is actively seeking potential bidders for the company. The question looms over whether the business assets or brand will be salvaged through acquisition or fade into obscurity. Drawing parallels to past industry acquisitions, such as Anglian’s purchase of Safestyle’s assets and branding, observers ponder potential outcomes and the fate of Everest in the evolving landscape.
With the possibility of an external entity entering the sector and acquiring Everest, the industry awaits to see who will step forward to supply them. The situation remains fluid, and updates will be provided as new information emerges, ensuring stakeholders are kept informed of developments as they unfold.
As this remains a developing story, stay tuned for further updates on the fate of Everest 2020 Ltd and its implications for the home improvement industry.
Franchesca