UK: Silver Shield Windscreens goes into receivership

Major windscreen replacement company Kwik-Fit has put one of its leading subsidiaries into receivership. Silver Shield Windscreens is now under the control of accountants firm Dermot Power and David S…

Major windscreen replacement company Kwik-Fit has put one of its leading subsidiaries into receivership. Silver Shield Windscreens is now under the control of accountants firm Dermot Power and David Swaden. It is trying to find a buyer for the company, which has almost 300 staff. According to a Glasgow-based Silver Shield franchise holder, Kwik-Fit has started referring its insurance clients to a rival company. A Kwik-Fit spokesman said franchise holders would have to deal with the administrators, while accountant Dermot Power noted that job cuts would be inevitable. Silver Screen Windscreens, which has an annual turnover of GBP 15 million, is thought to have debts running into hundreds of thousands.