Sixty jobs have been saved at Devon-based hospitality fit-out spercialist WFC Contractors in a prepack deal.
Despite being based in Newton Abbot, the £45m turnover firm carved out a reputation in high-end London restaurant and bar jobs market.
But after being hit by higher costs it was placed into administration yesterday to be pre-packed to RW Group.
This group business includes airplane cabin interiors specialist RW Aviation, property maintenance firm Hankinson Whittle and
Curtis Painting Group, an industrial and commercial painting contractor.
Insolvency specialist Quantuma was appointed administrator. It said WFC had recently experienced cashflow difficulties stemming from higher costs and tighter margins.
Steve Howle, WFC managing director said: “The needs of our customers and suppliers will remain at the forefront of our priorities.
“We are delighted to share that our culture, values and vision for future growth are very much aligned with those of our new owners.”
RW Group CEO, Chris Williams, said: “This strategic move marks the beginning of an exciting new chapter for WFC.
“The acquisition places WFC on a strengthened financial footing, ensuring the stability and liquidity needed to continue as the fit-out and refurbishment contractor of choice for new and existing clients.”
