Background
Whyte Chemicals, founded in 1976, is based in North London with a flagship distribution centre on a nine-acre site in Denaby. The privately owned multinational company manufactured and distributed chemicals across the globe with a £100 million turnover.
Issue
The group were trading a high risk chemical production facility in Administration. In addition to this they were navigating complex environmental, health, safety and chemicals waste disposal processes.
The relationship between the company and a main lender broke down, leaving the company with secured liabilities across the group in excess of £15 million.
Outcome
We stepped in and primarily assisted with refinancing the group’s secured debt facilities as a pre-cursor to a series of managed Administration processes.
Lead Administrator Paul Zalkin, has been responsible for ongoing production at one of the group’s chemical manufacturing facilities and for the orderly wind down of another.
To date, Paul has successfully disposed of the group’s distribution businesses in the UK and France and is in the process of effecting a series of real-estate disposals and the going concern sale of the main manufacturing site. As a result, all secured debt facilities will be repaid in full.
Quotes
Paul Zalkin, Partner at Quantuma said, "Despite unexpected difficulties and significant external challenges, Quantuma has delivered a fantastic result. We wish all concerned the very best for a bright future."
