Integral has paid £5.7m for WR business
UK: Integral has so far paid £5.7m for the parts of WR Refrigeration it bought when the Leicester-based contractor went into administration last year.
In its latest report, the administrators PWC reveal that WR refrigeration, which collapsed in October 2013 with debts of nearly £80m, was officially placed into liquidation on 20 November 2014.
Integral preserved 255 jobs when it bought some of the WR business a week after the company entered administration. While the exact terms of the deal were not revealed at the time, the administrator has now reported that Integral bought around 50% of the business, which included three of the largest customer contracts, for an initial consideration of £1.8m. An additional consideration was payable on completion of contracts and collection of debts and, to date, an additional £3.9m has been received.
The administrators report also reveals that another two customer contracts were subsequently transferred to other unnamed providers. This sale, along with the sale of the assets relating to WR’s Ipswich depot, realised a further £263,000.
Minimal pickings for WR creditors – 8th January, 2014
UK: WR Refrigeration owed over £80m when it entered administration in October and creditors are likely to receive only a minimal dividend, a report from administrators PwC reveals.
Integral plans growth in refrigeration – 19th November, 2013
UK: Integral UK Ltd says it plans to grow in the refrigeration sector following its recent acquisition of a major part of WR Refrigeration’s business.
PWC announces 232 WR job losses – 1st November, 2013
UK: The administrators of WR Refrigeration Ltd have today announced formal redundancies in respect of 232 employees.
WR contracts sold to Integral – 29th October, 2013
UK: A number of WR Refrigeration’s major contracts have been bought by Integral, preserving 255 jobs. The exact terms of the deal have not been revealed.
WR in administration – 23rd October, 2013
UK: One of the country’s largest and best known refrigeration contractors WR Refrigeration has fallen into administration and could face “imminent closure”.