Killby & Gayford creditors to lose £34m

Published:  19 June, 2012

NORTHAMPTON: Travis Perkins is among hundreds of Killby & Gayford creditors are likely to be left £34m out of pocket, according to a creditors report by administrator BDO, reports Building.com.

Trade creditors are likely to get only a fraction of £10.2m owed. Travis is owed £163,349, Laing O’Rourke subsidiary Crown House £271,440, and Construction Skills £141,820. The firm’s collapse left trade creditors with £10.2m unpaid contracts, the largest of which was £321,076 owed to security firm Niscayath.

Another major loser from the collapse is venture capital firm Growth Capital Partners - which took a majority stake in Killby & Gayford in 2007 - and is owed £6.1m. BDO estimates it will only be able to realise the value of £1.4m of the company’s £35.3m assets that were on the books at the time of its collapse. Among the assets that will be almost completely written off are £5.7m owed for work in progress - only £305,500 of which is set to be realised - and £2.3m of unpaid retentions.

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