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Administrators manage orderly wind down of one of UK’s largest kitchen and bathroom distributors
Alex Cadwallader and Dane O’Hara from Leonard Curtis were appointed as Joint Administrators of Waterline Limited on 9th October 2025.
Waterline Limited was incorporated on 3 February 1947 and was one of the largest UK independent wholesale distributors within the kitchens, bedrooms and bathrooms sector with depots across the country.
The company traded successfully, experiencing exceptional growth between 2021 and 2022, but unfortunately went into decline after that due to a number of factors.
Pressures included the lifting of the national covid restrictions, increase in interest rates and the cost-of-living crisis which caused a significant reduction in consumer spending.
As a result, the company had to rely on funding support from its shareholders which from 2025 became no longer viable.
The board of directors decided to market and sell the business, however the sale fell through and with the lack of long-term funding available, the decision was made to approach Leonard Curtis to consider the company’s financial position.
Leonard Curtis was formally instructed in September 2025 and an accelerated mergers & acquisitions (AMA) process started promptly.
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. This led to Messrs Cadwallader and O’Hara being appointed in the high court on 9 October 2025.
Leonard Curtis’ multidisciplinary teams, including its performance advisory specialists, prepared a wind down plan to benefit the company as whole and assist the Retention of Title suppliers in collecting their stock whilst realising the value in the other assets.
The Administrators are not in a position to fulfil nor take any orders.
Administrator Alex Cadwallader commented: “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.”
Axia VS have acted as agents and Crowell & Moring as solicitors in the process.
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