UK: Capital Cooling’s unsecured creditors, who are owed a total of £2m, are “highly unlikely” to receive any dividend, the company’s administrator KPMG has revealed.
Amongst the biggest losers are the company’s refrigeration equipment suppliers. Ankara-based Nurdil Coolers is by far the worst affected – the Turkish manufacturer being owed £1.03m, or more than half the total debt to unsecured creditors.
UK wholesaler Wolseley and Italian commercial equipment manufacturer ISA are each owed around £100,000. UK-based Foster Refrigerator was hit for £61,000.
With a maximum of £2.2m to be collected from trade debtors, and with the secured creditor – the Clydesdale Bank – owed £4.4m, KPMG said it was uncertain whether there would be sufficient funds available to enable a dividend to preferential creditors.
Capital Cooling sank into administration just before Christmas with over 60 redundancies and debts of over £6m. A new cabinet sales company, Capital Cooling Refrigeration, headed by James Anderson, who had been appointed MD of Capital Cooling in June 2017, was formed after being bought from the administrator for £300,000 by a private equity company.
Capital Cooling business sold for £300k – 24 December 2017
UK: Capital Cooling will continue as a cabinet sales company under the name Capital Cooling Refrigeration Ltd, having been bought by new owners for £300,000. Read more…