PWC ADMINISTRATORS have been appointed to WR Refrigeration Limited and warned that the business is at risk of “imminent closure”.
Eddie Williams and Rob Hunt, of PwC, were today appointed joint administrators to the national refrigeration service, following a period of difficult trading conditions and continuing losses.
The Leicester-based business provides the installation, repair and servicing of refrigeration and air conditioning units to the retail, distribution and wholesale sectors throughout the UK.
But its market leading position, WR, which operates from five regional depots with approximately 600 employees and a number of contractors, experienced difficult trading conditions in recent months, which led to a funding need.
Funding was made available by its existing lenders and owners in an attempt to turnaround the business, continuing losses with associated cash pressures led to a winding up petition being issued by HMRC earlier this month, which required additional funding beyond that originally projected
Eddie Williams, joint administrator and director, PwC said employees will be paid for work done prior to the appointment of administrators and that ongoing wages will be paid until further notice.
“Our immediate priority is to engage with employees, key customers and suppliers and to rapidly review the company’s financial position and its underlying profitability,” Williams said.
“However, unfortunately, the level of losses and funding requirements mean that the business may not be able to continue to trade and faces the real risk of imminent closure.”
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