Office supply firm goes into liquidation owing more than £1million
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Lowestoft-based supply firm Everything Office has gone into liquidation - owing more than £1million.
The company appointed liquidators from Ensors Accountants on July 14, owing £1,058,356.11 to 117 creditors.
The statement of affairs published by the liquidators on July 31 showed the firm had assets of nearly £2.5million, according to its book value.
But these assets are only expected to realise £132,776.01 – largely due to a £2million inter-company loan being written off as worthless.
According to the liquidators’ report, the loan had been transferred from Taylor Keable Ltd, which is also owned by managing director Robert Taylor.
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Among the preferential creditors are the company’s employees, who were owed nearly £17,000 in pay arrears and holiday pay, as well as £1,499.70 in pension contributions.
The Vow group is owed the most money out of all the creditors, at £280,073.51.
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Other major creditors were Funding Circle, a peer-to-peer lender, which is owed £226,177.18, and an invoice financing company called Aldermore, which is owed £147,154.18.
The Bank of Scotland is also owed £50,000 for a government-backed coronavirus bounce back loan – the maximum amount that could be claimed under the scheme.
Everything Office also owed HM Revenue and Customs £43,339.24 in unpaid PAYE tax, as well as owing East Suffolk Council £15,180.
The firm was based at Quay View business park and, as per the most recent accounts, employed 26 people.
According to the Companies House register, Robert Taylor was the managing director of Everything Office and the sole owner of Taylor Keable Ltd.
The liquidators did not respond to requests for comment.