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WR creditors may receive 1p in the pound

WR RefrigerationUK: WR Refrigeration’s unsecured creditors will only receive, at best, 1p in the £1, the administrator PWC has revealed.

PWC’s first progress report also reveals that the company’s secured creditor Icelandic bank Kaupthing is only likely to receive around 15-22% of the £31m it is owed. Preferential creditors – mainly employees – have been paid in full.

WR Refrigeration, one of the UK’s largest refrigeration contractors, owed over £80m when it entered administration in October last year, leaving total unsecured creditor debts of over £12m.

All of WR’s 36 leasehold properties have since been vacated with the exception of the former company’s head office in Thurmaston, Leicester. This is currently occupied by Integral pending a move to new purpose-built offices. Integral bought a number of contracts from the administrator at the end of October 2013.

 

Minimal pickings for WR creditors – 8th January, 2014

WR-web2UK: 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

WR-web2UK: 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

WR-web2UK: The administrators of WR Refrigeration Ltd have today announced formal redundancies in respect of 232 employees.

 

WR contracts sold to Integral – 29th October, 2013

integral_logo1 (1)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

WRweb (4)UK: One of the country’s largest and best known refrigeration contractors WR Refrigeration has fallen into administration and could face “imminent closure”.

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