Waterline the kitchen company, based in North Crawley Road in Newport Pagnell, entered into administration earlier this month and administrators are to manage an “orderly wind down”.
Sadly, this was the outcome after the board failed to secure a buyer for the business.
“Despite some expressions of interest being received in certain assets of the company – mainly stock and intellectual property rights – there was no appetite for purchasing the business as a going concern,” said a spokesperson.
The reasons cited for the firm’s collapse are the lifting of the national COVID-19 restrictions, an increase in interest rates and the cost-of-living crisis, which caused a reduction in consumer spending.
One of the administrators, Alex Cadwallader, said: “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.”
