Made.com to repay 2% of £187m owed at time of collapse
In its latest filings with Companies House, PwC said it only expects to pay out 1.6p in the pound to creditors before expenses
Made.com collapsed into administration owing a total of £186.6m to unsecured creditors and is set to repay less than 2% of this, according to new documents from its administrators.
In its latest filings with Companies House, PwC said it only expects to pay out 1.6p in the pound to creditors before expenses.
Made.com’s unsecured creditors include around 12,000 customers who had paid for items, and are owed a collective £17.1m.
Other unsecured creditors include Thurrock council, which is owed £658,000, and Islington council, which is owed £110,000. Meanwhile, Facebook is owed £1.4m while Google is owed £1.7m.
Made.com’s main lender, Silicon Valley Bank, is expected to recoup the £3.8m it loaned to the group. PwC stated: “We currently envisage that the secured lending will be repaid in full”.
Made.com collapsed into administration earlier this month, appointing Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson of PwC as administrators of the group.
Following their appointment, Next agreed to acquire the brand, domain names and intellectual property of the company for £3.4m.