Buckingham Group supply chain hit doubles to £256m

Aaron Morby 1 month ago
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Administrators for collapsed contractor Buckingham Group have revealed the true extent of the hit for unsecured creditors following its collapse last September.

At the time the directors statement of affairs disclosed there were 1,292 unsecured creditors with claims totalling £113m.

But the latest progress report from administrator Grant Thornton reveals this figure has now more than doubled.

In total 1,375 claims have now been received totalling £256m, which includes significant claims from sureties providers.

GT also advised that this figure could rise further as several claims for protective awards brought by former employees progress through tribunals.

Last published accounts for employee-owned Buckingham revealed it had achieved revenues of £665m in 2021.

The unsecured creditor estimate does not include HMRC claims, which is classified as a secondary preferred creditor.

The Government exposure to main contractor collapses appears to have been exacerbated by its introduction of reverse VAT on tier 1 contractors.

While HMRC estimates are not broken down, it has submitted a claim for just under £34m, being £31m for VAT and £2.4m for PAYE arrears.

GT said depending on the level of debt recoveries, some distribution would be made to HMRC but it held little prospect of a distribution to unsecured creditors.

 

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