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WR administrator's report provokes industry reaction

The industry has hit out over the failings of WR Refrigeration following the release of the administror’s report, which exposed significant financial discrepencies in the operation

Administrator PWC’s Proposals to Creditors shows 29 suppliers are owed over £100,000 and two are owed over £2.5 million by collapsed contractor

The report also 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.’

The Statement of Proposals from PWC also reveals that the bank pulled plug before HMRC served winding-up order.

PWC said discussions had been initiated because of the ‘difficult trading conditions’ which had led to a £1.5 million funding call to cover HMRC’s demands and amidst ‘some concerns that the underlying financial position and profitability may not be appropriately and fully reflected.’

 

“Does anybody consider the administrator has done a good job? Integral have picked up a potential £29M business for £1.8M and of that only £600k is left for the creditors. One might also ask where the credit agencies were in all this? I am not an accountant and I do not know about these things but something just doesn’t seem to add up!”

 

“Lets see who’s next to fall at the hurdle these companies can not carry on what they are dong they are making the lives of there engineers hell . They are pushing the majority of install / commissioning engineers to be self employed so they can use and abuse as they like . Then the service engineers are just sold with the service contract as it passed from contractor to contractor by the retailer.”

 

“Sad to say all the “people at the top” from WR have got nice new jobs!!!!”

 

 

 

Readers' comments (2)

  • There was significant sums due to WR from the contracts transferred to Integral.
    The administrators were too quick in disposing of those contracts.
    There were retentions held by clients because Health and Safety manuals were some 12 months behind.
    PWC have yet too supply the creditors with the full report. Yet again PWC have released information to the press, before the creditors.
    My understanding is that administrators are there to protect the interests of the creditors. It is the creditors who have been effected financially, and it is the creditors who have to read that it is all down to the way they run there business's by the press.
    For months WR were placing orders with the full knowledge that they could not be in the position to-pay.
    Why has there been no public apology from the Directors of WR for there mis-management of the company. It was not down to the economic climate that failure occurred.

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  • The initial miss-information put our about HMRC issuing a winding up notice, and unsustainable contracts with the supermarkets, now appears to have been a smoke screen to hide the gross mismanagement of the business.

    WR appeared to have been trading as insolvent, which is an offence for which the Directors should be brought to book.

    Instead the MD and others have found new employment with Integral, who picked up £29 million of business for a song.

    Draw your own conclusions...

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