Administrator’s inital report confirms creditors set to receive less than 4p in the pound
The initial report from the administrator of WR Refrigeration reveals over 500 company creditors owed a total of £16.4 million, with individual sums ranging from £90 up to £3.1 million. But administrator PWC has confirmed that these unsecured creditors are unlikely to share a pot of more than £600,000, which equates to under 4p in the pound return.
WR Refrigeration had a turnover of around £58 million at the time the administrator was called in.
In further bad news for the supply chain, this sum will not returned for another 12 months, the official Statement of Administrator’s Proposals discloses.
PWC does say that former employees will get unpaid wages, but only up to £800, together with holiday pay and ‘unpaid pension contributions in certain circumstances.’
The report reveals that the secured creditors - the Icelandic banks which funded the company will get 10-15 per cent of the £31 million they are owed.
PWC disclosed that its fees for handling the administration so far amount to £102,000.