Fri, 25 Oct 2013 | ADMINISTRATION
Difficult trading conditions have pushed W R Refrigeration Ltd into administration following months of decline.
Joint administrators from PwC, Eddie Williams and Rob Hunt, were appointed earlier this week to handle the administration.
It is unknown exactly how Williams and Hunt intend to progress with the business but there is a chance that it will close in the near future.
Williams commented: "Over the last few weeks the directors, funders and other key stakeholders have been in extensive dialogue with regards to securing additional financial support for the business, particularly in light of the winding up petition.
"Unfortunately, these discussions have not been successful and have led to our appointment as administrators.”
He added that the first task is to inform employees, customers and suppliers of where the business stands. The administrators will then review the company's underlying profitability before deciding whether or not it will be able to continue to trade.
W R Refrigeration is headquartered in Leicester and installs and maintains air conditioning and refrigeration units. It works with the UK's distribution, retail and wholesale sectors.
In the year to 31 December 2012 the firm had sales of £58 million but it has struggled with difficult trading conditions in recent months and business has deteriorated despite additional funding from lenders and owners.
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Related information:
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