Milton Keynes-based company Waterline Limited has called in administrators to process a liquidation.

The company, based in a distribution head office at Newport Pagnell with subsidiary depots in Bolton and Bristol, was a wholesale independent firm supplying kitchen and bathroom parts, but has called in administrators as of October 9th, in a move that has seen 105 people made redundant and a further 15 retained to wind down the business.

Leonard Curtis confirmed that they have been appointed as administrators to manage the company’s winding down, with Axia VS acting as agents and Crowell & Moring as solicitors in the process.

Waterline Limited was initially incorporated on 3 February 1947 and was one of the largest UK independent wholesale distributors within the kitchens, bedrooms and bathrooms sector. The company had traded successfully, experiencing exceptional growth between 2021 and 2022, but went into decline in recent years 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 consequence, the company had to rely on funding support from its shareholders which from 2025 became no longer viable.  

Waterline’s board of directors had attempted to market and sell the business, only for 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.

An accelerated mergers & acquisitions (AMA) process started in September, but 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 Alex Cadwallader and Dane O’Hara being appointed in the high court on 9 October 2025 as Joint Administrators. 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 in a statement, “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.”

Industry association KBSA (Kitchen Bathroom Bedroom Specialists Association Ltd) voiced their disappointment in a statement on social media. They said, “A big blow to our industry.

“The news that Waterline has ceased trading brings real sadness across the KBB sector. While many were aware of the challenges faced in recent times, it is still deeply disappointing to see such a long-established name leave the industry.

“Our thoughts are with all the staff, suppliers, and customers affected during this difficult period.

“At The KBSA, we are here to help support our members and the wider industry wherever we can. If you have been impacted or need guidance, please don’t hesitate to reach out.”