Romag bought by property firm Gentoo

  Statistics

Property firm Gentoo Group has bought the trade and assets of fellow North East company Romag after the County Durham specialist glassmaker went into administration. The solar glass and composite sup...

Property firm Gentoo Group has bought the trade and assets of fellow North East company Romag after the County Durham specialist glassmaker went into administration. The solar glass and composite supplier called in administrator Deloitte to discuss its options late last month after failing to raise necessary funds to continue. A deal has subsequently been struck with Ask the Genie Ltd. and Ask Genie Limited, which are newly-incorporated subsidiaries of the Sunderland-based property and construction company. Gentoo``s chief executive Peter Walls confirmed it has secured all 161 jobs at the Leadgate company, and would be encouraging it to continue offering its range of products for the security, architectural and specialist transport markets. He said: There``s no plan to change the number of staff or their terms and conditions. We``ve been encouraging them to expand and continue with the projects they``re involved in, although it is early days. Romag was established in 1943 and has been one of the region``s most active companies in the renewable energy sector, a drive widely credited to the vision of its chief executive Lyn Miles. However, Miles passed away last June. The company was also hit by the suspension of its shares from AIM in January, after chairman John Kennair disclosed he made a payment of GBP 3.97 million into trading subsidiary Romag Limited without informing the board. The company identified a short-term requirement of GBP 2.2 million early this year,...
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