The collapse of Burdens group has hit a huge swathe of the industry’s suppliers and manufacturers with some firms owed more than £4m.
According to administrators Duff & Phelps, WTB Trading, formerly Burdens, owes £63m to 1,684 unsecured creditors.
In the firm’s latest report, Duffy & Phelps expects there to be a shortfall of £28.8m for trade creditors after recouping debts and selling assets.
Secured creditors Lloyds Bank and GE Commercial Finance will be paid a total of £21m.
The creditors meeting at 11am today at the Place Hotel in Manchester will see administrators update creditors on progress raising funds and ask creditors to agree a partial repayment plan.
Burdens operated several companies and had stakes in many more, which has created a complex web of intercompany debt and interests.
WTB Trading’s big creditors
- ACO Technologies £1.9m
- CPM Group £2.7m
- Cemex UK £1.3m
- Marshalls £4.2m
- Naylor Drainage £1.2m
- Polypipe Civils £3.6m
- Polypipe Building Products £1.0m
- Saint Gobain Pam UK £4.6m
- Tensar Int £1.1m
- Viking Johnson £1.0m
- Wavin £2.8m
The losses come despite Wolseley acquiring 22 Burdens’ branches in November for £18.5m.
Burdens traded from 38 depots prior to its collapse and turnover £280m.