‘No credible offer ’ for whole company, but Integral’s £1.8 million up-front for half the business judged to be the most practical in the timescale available
Administrator PWC’s Proposals to Creditors report has revealed that 50 offers were made for parts of WR Refrigeration, but Integral’s formal offer, for £1.8 million up-front for half of the business was judged the most practial. PWC goes on to say that despite the wealth of approaches, ‘it was clear there was no credible interest in the whole UK group.’
Integral’s offer for the three largest customer contracts, and the back-office functions to support them, representing 250 staff, was accepted on the basis of £1.8 million up-front, with further sums due to the administrator when debts are collected and the contracts concluded. PWC said it considered the offer ‘could be concluded within an acceptable timescale based on the position of the business.’
PWC noted that following the sale to Integral, it received no further offers and the business ceased to trade on November 1. However, it has since transferred two other contracts to new providers, along with the assets relating to the Ipswich depot.