- Retailer owes unsecured lenders £30.24m. They will receive just £600,000
- Primary lender Wells Fargo to be repaid in full
- Secondary lender Alteri Investors to “suffer a shortfall”
Collapsed heritage retailer Austin Reed’s unsecured lenders will receive just 2p for every £1 loaned, documents at Companies House show.
The retailer, which entered administration at the end of April, owes its unsecured creditors £30.24m. However, they will only receive £600,000 between them.
Secured lenders Wells Fargo and Alteri Investors fare better. Primary lender Wells Fargo expects its £7.24m debt to be repaid in full. Alteri Investors, which specialises in distressed retailers and took control of the business just weeks before its collapse, is owed £18.24m and expects to “suffer a shortfall”.
Austin Reed’s brand was acquired by Edinburgh Woollen Mill owner Philip Day, along with the Country Casuals brand and five concessions in Boundary Mill outlet villages in the north of England. The rest of the chain has been wound down.