Merchants owed £57m by Connaught

Published:  05 November, 2010

LONDON: Connaught owes its trade creditors about £57m, according to a report by administrators KPMG.

PTS Plumbing Trade Supplies, part of listed BSS, which is to be bought by Travis Perkins, was the hardest hit, owed £6.3m by Connaught, the report shows.

Travis Perkins is also missing up to £1.7m, while building supply chain Jewson is due £2.2m.

The report reveals that former chief executive Mark Tincknell, whose father founded the business 28 years ago, is owed £28 708 by the company. Finance director Stephen Hill is £23 799.79 out of pocket, while Peter Jones, who was removed as managing director of its northern division after he failed to disclose a share sale two days before a major profits warning, is owed £55 172.99.

HM Customs and Excise has also lost: £21.7m.

There were 50 000 supplier invoices waiting to be processed when the administrator, KPMG was brought in. Its bill is for £3.9m covering 9510 hours unravelling Connaught's accounts.

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