英国地板分销商 Headlam 拟委任 Interpath 进入破产管理，此前 1 月从富国银行与巴克莱取得最高 8500 万英镑(约 1.15 亿美元)资产抵押融资

Wells Fargo & Co. and Barclays Plc provided as much as £85 million ($115 million) to Headlam Group Plc just months before the British flooring distributor appointed insolvency officials.

The Birmingham, UK-based company said Tuesday it plans to install Interpath as administrator after failing to implement a range of potential solutions in time, including a refinancing, citing a “challenging” market backdrop.

The collapse comes as Britain’s flooring market struggles with tepid demand for home improvements and weak housing activity. Victoria Plc, another player in the space, recently underwent a major balance sheet restructuring.

Headlam’s asset-backed financing from the two banks was secured in January, replacing the company’s previous revolving credit and overdraft facilities. Headlam said at the time the facility would provide “headroom and liquidity as the business needs evolve.”

But the financing ultimately provided only limited breathing room. The company, which has been under pressure for months, said it had exhausted the liquidity available, though it hasn’t disclosed how much of the £85 million it has drawn. It reported £36.2 million of net debt at the end of June.

Representatives for Wells Fargo didn’t immediately reply to requests for comment. Spokespeople for Barclays and Headlam declined to comment.

Headlam’s borrowing capacity was tied to the value of its receivables, inventory and property. By the end of June, revenue had fallen almost a quarter from a year earlier, the company was flagging poor inventory availability and had received £15 million in cash from property sales, company filings show.

The worsening financial position was accompanied by pressure from investors and upheaval in the company’s leadership.

Requisition Notice

In April, the company received a requisition notice from shareholder First Seagull AS, which sought to remove the struggling firm’s Chairman Stephen C. Bird and two non-executive directors, replacing them with their own picks. Headlam’s board rejected the demands to remove the directors and appoint two new ones, but began a strategic review to improve its financial position.

The company had earlier named Rob Barclay its chief executive officer-designate, five months after its previous CEO stepped down. It also appointed Richard Jones as interim chief financial officer to replace Adam Phillips who had announced his resignation in February.

The company said it had been unable to stave off breaches to its month-end covenants as it couldn’t execute a “comprehensive transformation plan.”

“Ultimately the scale of the losses incurred and projected in the short term has made the challenge too great to overcome,” Headlam said. The board considers the proposed administration to be the “only viable option” despite these extensive efforts and in the absence of other suitable alternatives, it added.