Disgruntled employees ‘left without final pay cheques’ and told ‘not to come in’ after Economy Windows shuts up shop

25 February, 2020 - 13:56
Economy Windows on Elm High Road in Wisbech has been forced into liquidation following financial difficulties and increased competition, according to the director. Picture: Archant

Economy Windows on Elm High Road in Wisbech has been forced into liquidation following financial difficulties and increased competition, according to the director. Picture: Archant

Archant

An employee claims they have been left without their final pay cheque after a large Wisbech company shut up shop without warning – leaving 12 people jobless.

Economy Windows on Elm High Road in Wisbech has been forced into liquidation following financial difficulties and increased competition, according to the director. Picture: ArchantEconomy Windows on Elm High Road in Wisbech has been forced into liquidation following financial difficulties and increased competition, according to the director. Picture: Archant

Economy Windows has seemingly closed, despite still being "active" on Companies House. No one is answering the phones and the front gates are padlocked shut.

Based on Elm High Road in Wisbech, the site has been cleared and one ex-employee tells us how they "have the receivers in" to clear up the premises.

Wishing to remain anonymous, the former employee said: "Everyone has gone, we all came in one day and were told not to come in the next day.

"We didn't get our last pay cheque and they have now got the receivers in."

Economy Windows on Elm High Road in Wisbech has been forced into liquidation following financial difficulties and increased competition, according to the director. Picture: ArchantEconomy Windows on Elm High Road in Wisbech has been forced into liquidation following financial difficulties and increased competition, according to the director. Picture: Archant

According to Companies House, director James Anthony McClure registered a limited company named Britannia Developments Ltd at the same site on February 11.

Mr McClure is the registered director and secretary of the new company which describes its nature of business as the 'development of building projects'.

Economy Windows was founded over 30 years ago by Peter Hobden and his wife Linda in 1987 with the intention of offering the best quality products and an affordable price.

Jim McClure, who was Economy Windows' business manager and who later took over the company, had always maintained their success was based on personal service and customer care.

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"We never use high-pressure sales techniques, we never ask for a deposit - we let our reputation do the talking," he would proudly tell customers.

Eight years-ago Economy Windows launched its new show park and distribution centre in Elm High Road, Wisbech.

It brought the showrooms, sales centre, administration and accounts teams and distribution together on the one site. They retained a sales outlet in King's Lynn.

Mr McClure's brother Jack was a director of the company for three years to February 2019.

Records at Companies House show that Peter and Linda Hobden were directors and ran Economy Windows until February 2016 when James McClure took over. At the present time he is shown as the only director.

Latest financial records show that Economy Windows showed stocks valued at £43,548 with debtors listed at £256,440 and just under £9,000 cash in the bank. The accounts were last made up to March 2019.

Under the heading of creditors: amounts falling due within one year, taxation and social security payments are listed at £180,537 from a £332,648 total.

A creditor is an individual or business that has lent funds to a business and is owed money. A debtor is an individual or business who has borrowed funds from a business and so owes it money.

Companies House records also show that the 'ultimate controlling party' of Economy Windows Ltd is PTF (Holdings) Ltd who address changed last week from 1 London Road Kettering NN16 0EF England to Studio 2, Lamport Manor Old Road Lamport Northampton NN6 9HF.

At the time of going to press calls to Economy Windows remain unanswered.

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