PwC administrators save 255 jobs at refrigeration company
PwC administrators sell major contracts at collapsed refrigeration business to UK supermarkets W R Refrigeration
PWC ADMINISTRATORS have managed to save 255 jobs at a collapsed refrigeration company that supplies the UK’s largest supermarkets.
Eddie Williams and Rob Hunt, of PwC, were appointed joint administrators to W R Refrigeration following a period of difficult trading conditions and continuing losses at the business.
The administrators have sold a number of major contracts to former rival Integral, an independent provider of property maintenance services in the UK, safeguarding 255 jobs.
Leicester-based W R provided installation, repair and servicing of refrigeration and air conditioning units to the retail, distribution and wholesale sectors throughout the UK. The deal means that some of the country’s leading supermarkets, will not have to search for a new provider of these services.
At the time of its collapse W R employed about 600 staff and a number of contractors. There are still more than 300 staff at the business with the administrators confirming that redundancies are imminent.
Williams, director at PwC said: “We have received a number of expressions of interest for parts of the business and I am delighted to have completed a transaction with Integral that will preserve the on-going employment of 255 employees.
“Our focus is now to continue to explore all options for the remaining parts of the business. However, I am afraid that some redundancies now appear inevitable based on the viability of the company and we will look to support the employees at this difficult time.”
Funding was made available to W R by its existing lenders and owners in an attempt to turnaround the business. However, continuing losses with associated cash pressures led to a winding up petition from HMRC earlier this month, which required additional funding beyond that originally projected.