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
Integral plans growth in refrigeration – 19th November, 2013
PWC announces 232 WR job losses – 1st November, 2013
WR contracts sold to Integral – 29th October, 2013
WR in administration – 23rd October, 2013