WFC Contractors, a £45m-turnover fit-out company, has been bought out of administration.
The Devon-based contractor was sold in a pre-pack deal to RW Group, which has a portfolio of construction and aviation companies.
WFC contractors grew its turnover to £44.7m during 45 years of operation, but struggled with inflation in the past few years.
Profit margin was hit at the end of 2022 by delays at one large project, directors wrote in WFC’s most recent set of accounts covering the 2022 calendar year. The firm posted a pre-tax profit of £344,000, significantly lower than the £2.8m it made the year before.
About half of the WFC’s work that year had been in the office sector, with the bulk of the remaining work for bars, restaurants and clubs. Projects in that time included fit-outs to two high-end London restaurants, Scott’s Richmond in south-west London and Chateau Denmark in the West End.
Several projects suffered delays in starting on site in the first half of 2023, said directors, although they added that the second half of the year looked healthy.
RW Group chief executive Chris Williams said the acquisition places WFC on a “strengthened financial footing” and ensures stability and liquidity for the firm.
WFC joins two painting contractors under the RW Group umbrella: Merseyside-based Hankinson Whittle and Anglesey-based Curtis Painting Group.
WFC managing director Steve Howle said his firm’s vision for growth was “very much aligned” with its new parent.
He added: “This strong alignment ensures that our company’s core principles will remain at the heart of everything we do.
“The needs of our customers and suppliers will remain at the forefront of our priorities.”
