Devon-based WFC Contractors, a specialist in hospitality fit-outs and refurbishments, has been saved from administration through a pre-pack acquisition by the Cheshire-based RW Group. This move, finalised on October 8, 2024, has ensured the retention of 60 jobs and the continuation of WFC’s operations, which serve a variety of sectors, including hotels, bars, and theatres. Despite completing high-profile projects such as the Prince of Wales Theatre and the Royal Lancaster Hotel in London, WFC faced mounting financial pressures that forced the company to seek help from administrators, Quantuma.
WFC, which had recently suffered from rising costs and shrinking profit margins, experienced significant cash flow challenges exacerbated by inflation and ongoing issues with material and labour supplies within the construction industry. In its most recent financial filings for the year ending December 31, 2022, the company reported a steep decline in pre-tax profits to £344,000, a sharp drop from £2.8 million the previous year. These difficulties, according to Quantuma, were key drivers in WFC’s decision to enter administration.
The acquisition by RW Group, which also owns RW Aviation and the property maintenance firm Hankinson Whittle, provides a crucial lifeline for WFC. The deal offers the financial stability needed to maintain and grow its market share. Steve Howle, WFC’s managing director, expressed optimism about the future, emphasising that the company’s core values, vision, and customer-centric approach align with RW Group’s goals.
Chris Williams, CEO of RW Group, reinforced this sentiment, stating that the acquisition marks the beginning of an exciting new chapter for WFC, positioning the company on a stronger financial footing to continue as a trusted contractor in the hospitality fit-out sector. This strategic partnership is set to bolster both WFC’s stability and future growth trajectory.
No Responses to “WFC Contractors Saved in Pre-Pack Deal, Securing 60 Jobs”