Accessories retail giant Claire’s collapsed into administration owing at least £12 million to unsecured creditors with property giant Landsec on the list of companies owed money.
Photo: Sandra Halliday
Although the chain went into administration in the UK and Ireland in August, Modella Capital bought the retailer out of administration at the end of September in a deal that saved 156 stores and 1,000 jobs. The remaining 145 stores and employees were not included in the deal.
According to documents see by The Times, Modella acquired the business for £3.6 million, of which £1.4 million was put back into the retailer to help to pay off debts.
Unsecured creditors to the business, which include suppliers and landlords, were owed £11.9 million at the time of its collapse, although this figure is expected to rise once new claims are submitted, the report notes.
Among the creditors owed money were Landsec, owed £14,951, and £38,355 to logistics provider Hermes.
Administrator Interpath said it expected to be able to pay back some of the money owed but had not yet determined the exact amount.
Total assets available to unsecured creditors were about £8 million, according to the report.
Claims from secondary preferential creditors, including HM Revenue & Customs, totalled £5.2 million. They are expected to be paid in full.
