Following a strategic review of the business, the Directors of Capital Cooling today announce that they have commenced a restructuring. This is being supported by a new, external partner.
Capital Cooling’s core business is a strong, profitable and well-run business, with a long history of providing the commercial refrigeration to its customers and a well-respected brand in the UK. However, the service division has suffered due to difficult trading conditions and strong competition in the market. The medium-term outlook is that these specific service division-related difficulties will continue, and hence these services will be wound down. The restructuring will make Capital Cooling a stronger and more focused business for the future, which is able to invest in its core businesses.
This restructuring will take the form of a pre-pack administration. Under its terms, certain Capital Cooling’ liabilities will transfer to KPMG LLP, the administrator. The corporate restructuring will allow Capital Cooling to continue to operate as normal and build a strong and flourishing business for the future. It will secure jobs, preserve the company’s brand, provide the business with a far stronger balance sheet and protect the interests of its employees going forward.