A Suffolk entrepreneur has expressed his sadness as the manufacturing business he bought last year faces collapse.
Colourchange UPVC is owned by Suffolk entrepreneur Paddy Bishopp. It has ceased trading and is expected to go into liquidation.
The firm, of Base Business Park, Bentwaters, Woodbridge, was bought by Mr Bishopp - one of the two founders of Suffolk coffee brand Paddy & Scott's - in March 2023.
The company's 13-strong workforce was notified last week that the business would cease, accountants Larking Gowen confirmed.
Larking Gowen insolvency and recovery manager Simone Daly said: "We are currently in the process of placing the company into liquidation.
"It is anticipated that Andrew Kelsall and Lee Green of Larking Gowen will be appointed as Joint liquidators towards the end of this month."
Mr Bishopp expressed his sadness.
"It's the hardest thing I've ever been through," he said.
"Eighteen months ago we purchased an 80% stake in Colourchange UPVC where the old owner - due to ill health - was looking at options including closing it."
They secured the jobs and entered a period of steady investment and growth - but early this year the market turned, he said.
"With a very heavy heart we have had to put the company into insolvency for reasons out of our control," he said.
The process had been "the hardest time of my life", he admitted. "It has just been a horrible time but it has been for everyone else," he added.
Mr Bishopp's company - Headwater (UK) Ltd - which he co-founded with accountant Matthew Aldous in 2022 - bought a majority stake in the company.
The home improvement business specialises in the installation of windows, doors and conservatories, providing a palette of colours for UPVC windows and doors. It works with double glazing businesses, architects and property development companies.
In 2018 the business was shortlisted in the East Anglian Business Awards as "One to Watch". A year later, it was recognised by New Anglia Local Enterprise Partnership (LEP) as one of the fastest growing companies in Norfolk and Suffolk.
In February this year, Mr Bishopp - interviewed by this paper - said the company had seen its turnover rise from about half a million pounds to just under £2m - largely bucking a downward trend for sales last year - although it did see a dip in the latter part of the year.
For further information, contact Larking Gowen on 01473 833411.
Mr Bishopp - who has been involved in various businesses - left Paddy & Scott's in 2017. Co-founder Scott Russell stayed on but sold the business - based in Ipswich - to Jonathan Reed and Zoe Hill this year.
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