One of the country's largest kitchen and bathroom distributors, Waterline has gone into administration after 78 years in business.
Altough admistrators were appointed on 9 October, the news is only now being know widely of Waterline's difficulties.
Founded in 1947, the business, one of the largest independent wholesale distributors in the kitchens, bedrooms and bathrooms sector, with depots across the UK, was still reporting “exceptional” growth in 2021 and 2022. The ensuing decline caused by a significant reduction in consumer spending, was blamed by the business on the end of covid restrictions, increases in interest rates and the cost-of-living crisis.
This led to Waterline having to request support from shareholders and ultimately a failed attempt at selling the company initiated in September.
Co-Administrator Alex Cadwallader commented: “We are disappointed that a sale did not take place, despite reaching out to both industry and non-industry specific parties as part of our regulated process.
“A key driver for the board of Waterline was the safeguarding of jobs for employees with the aim of a going concern sale.
“However, despite their best efforts, the external factors pressures in the economy and the sector specifically meant a buyer could not be found.
“Unfortunately, 105 redundancies have taken place, with 15 staff members working to support the wind down of the business.”
