C J Pryor suppliers are owed £17m

Grant Prior 1 year ago
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Earth moving specialist C J Pryor went into administration owing subcontractor and suppliers £17m.

Documents seen by the Enquirer reveal the huge scale of debts at C J Pryor (Plant) Limited and C J Pryor (Contracts) Limited.

Both firms were sold to Hargreaves (UK) Services earlier this month after briefly being placed into administration.

Hargreaves paid £2.5m for the companies.

A report by joint administrator FRP Advisory shows unsecured creditors are owed £7.4m by C J Pryor (Plant) and £9.6m by C J Pryor (Contracts).

The report states: “It is currently estimated that there will not be sufficient funds available to make a distribution to the unsecured creditors.”

Scores of creditors are listed on the document and suppliers have been left fuming by their treatment.

The administrator’s report adds: “I am aware that there is a high level of creditor interest regarding the circumstances surrounding the demise of the companies and a number of creditors have already contacted me setting out certain areas of concern.”

One creditor said: “We have been totally shafted and the scale of the debts is shocking.”

Latest results for the period April to October 2016 show C J Pryor Plant and C J Pryor Contracts had a combined turnover of £21.2m and made a net profit of £717,000.

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