Troubled solar panel maker sold

a MANUFACTURER of bulletproof glass and solar panels has been sold after it went into administration in the wake of cashflow and accounting woes.

Romag Holdings, which is based in County Durham and supplies security glass to banks, embassies and police stations, was sold to Ask The Genie, a subsidiary of property group Gentoo.

The company identified cashflow problems and suspended its shares after an investigation into a £4m payment which ex-chairman John Kennair made to one of its divisions without informing the board.

When Mr Kennair stepped down as chairman in February, Romag said it was experiencing significant demand for its products, particularly solar panels, and had a strong forward order book.

But it was unable to secure further funding from its bank – Lloyds – and its trade and assets, including 160 staff, have been transferred to Ask The Genie.

Romag supplies transparent material – glass and plastic – to security, renewable energy, architectural and specialist transport markets.

It is one of only two solar panel manufacturers in the UK.

Mr Kennair remains chief executive at the company, a position he took up in 1975. He was awarded the MBE for services to the specialised glass industry in 1990.

Sunderland-based Gentoo is a construction company, housing developer and the main registered social landlord in Sunderland, managing and maintaining around 30,000 properties.

A team of insolvency, turnaround and corporate finance specialists from Deloitte and Walker Morris in Leeds advised on the deal.