Decorwise Limited
Parker Andrews Limited are delighted to have advised on the successful restructuring of Decorwise Limited (“Decorwise”).
Background
Decorwise was incorporated in April 2017 and traded as a painting and decorating provider based in Surrey.
Situation
After several years of successful trade, the COVID-19 pandemic had a detrimental impact on the Company’s ability to trade and resulted in a significant reduction in available contracts. Despite the director’s best efforts to improve the Company’s cashflow, became apparent the Company was insolvent and the director subsequently sought advice from Parker Andrews Limited on the options available.
Solution
Given that it was considered that the business could still be viable, the decision was made to market the business with a view to completing a pre-packaged sale on the date of Administration. After a period of marketing and negotiations entered into with several interested parties, a sale of the business was completed to Decorwise (London) Ltd. This sale also resulted in all 5 members of staff retaining their employment.
Parker Andrews Limited extends its best wishes to Decorwise (London) Ltd and staff in its future ventures.
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