Alex Cadwallader and Dane O'Hara from Leonard Curtis were appointed as Joint Administrators of Waterline Limited on 9 October 2025. Founded on 3 February 1947, Waterline Limited had been one of the UK's largest independent wholesale distributors in the kitchens, bedrooms, and bathrooms sector, operating depots nationwide.
© Waterline
The company experienced significant growth between 2021 and 2022; however, following the lifting of national COVID restrictions, rising interest rates, and the ongoing cost-of-living crisis, consumer spending declined sharply, leading to financial pressures. The company relied on shareholder funding, which became unsustainable in 2025. Attempts to market and sell the business were unsuccessful, leaving the board with no option but to seek the appointment of administrators.
Leonard Curtis was formally instructed in September 2025, initiating an accelerated mergers & acquisitions (AMA) process. While there was interest in some of the company's assets—primarily stock and intellectual property, there was no appetite to acquire the business as a going concern. Consequently, Cadwallader and O'Hara were appointed by the High Court on 9 October 2025.
The Leonard Curtis team, including performance advisory specialists, has developed a wind-down plan aimed at realising value from the company's assets while assisting Retention of Title suppliers in recovering their stock. The administrators are unable to fulfil orders going forward.
Alex Cadwallader commented: "We are disappointed that a sale did not take place, despite engaging with both industry and non-industry parties. The board's priority was to safeguard jobs through a going concern sale, but external economic pressures and sector-specific challenges prevented a buyer from being found. Unfortunately, 105 redundancies have occurred, while 15 staff members remain to support the wind-down process."
Professional support during the process was provided by Axia VS as agents and Crowell & Moring as solicitors.
About Leonard Curtis
Leonard Curtis is one of the UK's leading restructuring and turnaround specialists, employing over 320 people across 30 UK and offshore sites. The firm provides bespoke funding, legal, and business services to support SMEs, larger corporates, and their advisers through both distress and non-distress situations.
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Leonard Curtis
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