Wells Fargo & Co. and Barclays Plc provided up to £85 million ($115 million) to Headlam Group Plc months before its insolvency appointment, per Bloomberg. The Birmingham, UK-based flooring distributor failed to secure refinancing amid a “challenging” market backdrop, leading to administrator selection. Interpath will replace failed restructuring attempts including refinancing, with the bank backing occurring during the final crisis phase.

The investment came as Headlam sought solutions to stabilize operations before administration proceedings commenced.