The rapid sale of Wack Wholesale – which operates out of Nelson Industrial Estate in Cramlington – has protected everyone on the company's payroll, saving 14 jobs in total. Wack Wholesale has been one of the UK's largest buyer/seller of building materials, but ran into financial difficulty this year due to the impacts of COVID.
Leonard Curtis' Iain Nairn and Hilary Pascoe were appointed as joint administrators of the company on September 1 2022. A team from WBD's Restructuring and Insolvency department advised Leonard Curtis on the sale of the business and assets, and on their appointment as administrators of the company.
Julian Gill, partner in the Restructuring and Insolvency team at WBD, commented:
"We are pleased to have supported Iain Nairn and the team at Leonard Curtis on this transaction, which has safeguarded the future of one of the UK's largest business supplies companies."
Leonard Curtis joint administrator Iain Nairn said:
"We are grateful to the team at Womble Bond Dickinson in Newcastle for their support with the transaction and appointment formalities. Their knowledge and expertise meant we were able to conclude a quick sale with the buyer and new company now well placed to grow the business over the coming years."
Part of the firm's Banking sector, WBD's Restructuring and Insolvency team has extensive knowledge and cross-sector experience allowing them to swiftly and effectively support clients through all aspects of transactional, regulatory and advisory finance work.