Failed catering equipment distributor UK Equipment Direct owed almost £400,000 at the time of calling in liquidators, official documentation has revealed.
Most of the debt was owed to catering equipment suppliers and contractors, who have been left out of pocket by its collapse.
The Statement of Company’s Affairs, which was presented at a meeting of creditors earlier this month, shows the Manchester company had racked up debts of £394,062.92.
The document, seen by Catering Insight, reveals that HMRC is owed £43,652.27, while Nat West Bank was hit to the tune of £8,813.09.
However, the catering equipment and refrigeration industry bore the brunt of the firm’s demise, with 80% of UK Equipment Direct’s debts shared between almost 50 different trade suppliers and contractors.
Hampshire-based Coldkit UK is named as the largest trade creditor, with UK Equipment Direct owing the company £48,406.51.
Merseyside-based Cater Bake UK and Cornwall-based Coastal Refrigeration & Electrical were the next largest trade creditors, each owed more than £23,000.
A number of major catering equipment manufacturers were also stung by UK Equipment Direct’s collapse, including Parry Group (£20,300.22), Rational (£15,000) and Lincat (£10,669.91).
The document disclosing UK Equipment Direct’s affairs was signed by Christopher Hewlett, listed as a director of the company.
He declared that there were no company assets at the date of liquidation other than £5,000 cash in the hands of accountants relating to proceeds from sales of residual stock.
Trading losses for the 20 months from 1 February 2011 to cessation were estimated at £402,235.