Begbies Traynor oversees CWC sale

12 May 2022 1 min. read
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West Yorkshire commercial joinery CWC has been acquired out of administration, preserving the jobs of its employees. The firm struggled after work dried up during the pandemic.

Founded in 2002, Crossley Webb Contracts (CWC) specialises in bespoke furniture and specialist joinery, fit-out and refurbishment contracts for a range of “well-known” clients in the corporate workplace, hospitality, hotel and leisure sectors. The company also specialised in shopfitting, and its client list for these services includes Nuffield Health, Virgin Active, Pizza Express, Barclays and Leeds University.

During the lockdown periods of the last two years, however, footfall in many commercial areas was reduced to zero. In that period, the need to refurbish stores also understandably diminished. This led CWC to face financial difficulties, and eventually appoint administrators.

Begbies Traynor oversees CWC sale

Begbies Traynor professionals were eventually installed to oversee the sale of the commercial joinery firm. Bob Maxwell and Louise Longley acted as joint administrators, and eventually they secured its sale to Oak Touch.

Maxwell commented, “It is excellent news that we have secured a buyer for CWC. The business ran into financial difficulties as a supplier to the fitness and gyms sector, which itself suffered from severe trading restrictions during successive Covid lockdowns.”

The news means the swift actions of the Begbies Traynor experts helped save the jobs of all 10 employees at CWC. The move may have been an example of ‘phoenixing’ – the practice of carrying on the same business or trade successively through a new company after the previous became insolvent, in order to preserve jobs. According to filings with companies house, Oak Touch’s lead officers are Joshua Holden, Julie Holden and Paul Holden – who were previously Crossley Webb Holdings, the company which owned CWC.