Sale of Northumberland Building Supplies Company Saves 14 Jobs

THE RAPID sale of a Northumberland building supplies business has protected its employees, saving 14 jobs.

Wack Wholesale (Building Supplies) Ltd, which operates out of Nelson Park Industrial Estate in Cramlington, is a buyer and seller of building materials. The company says it ran into financial difficulties this year, due to the impacts of COVID on cash flow and the supply chain.

Urgent Sale 

This summer, the company was struggling to find a way to survive whilst paying wages due in September.

Staff from business recovery and liquidator firm, Leonard Curtis met Wack Wholesale’s accountants in mid-August and were appointed as Joint Administrators of the company on 1 September 2022.

Under Leonard Curtis’ guidance, an urgent sale was completed and all 14 staff roles have been transferred under TUPE to the buyer.

Leonard Curtis Joint Administrator, Iain Nairn, said: “There are a number of good businesses who are suffering challenging trading conditions at the moment.

“Being open-minded about the opportunities available to Wack Wholesale allowed us to identify a willing and able buyer who was able to complete a purchase within seven days of formalising an offer for the business.

“The buyer and the new company are now well placed to grow the business over the coming years.

“We are grateful to Kelly Jordan and the team at Womble Bond Dickinson in Newcastle for their support with the transaction and appointment formalities, as well as Cerberus Asset Management who assisted with valuations and the sales process.”

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