A TEAM of insolvency, turnaround and corporate finance specialists from Deloitte advised on a complex, distressed deal which saw Romag sold to Sunderland-based Gentoo.

Glass manufacturer Romag, which is based in Consett, appointed Deloitte in mid-March to assist and provide specialist advice on the strategic options available after running out of money.

As a result, a team of corporate finance specialists from Deloitte in Newcastle, led by Dan Renton and Ravi Sharma, sourced a suitable buyer utilising its network of contacts.

Dan Renton, director at Deloitte, said: “We have successfully completed the sale of the goodwill and assets of Romag Holdings plc and its subsidiaries that will protect the 161 jobs that were at risk.”

Peter Walls, Gentoo Group chief executive, said: “We are delighted to be the new owners of Romag.

“The acquisition brings together two complementary organisations, building upon our strong environmental credentials.

“Gentoo believes the low carbon market will continue to be a strategic area of growth and puts us in a unique position to take advantage of opportunities in our sector.”

Romag manufactures solar glass and composites for the security, architectural and specialist transport markets.