HMRC owed £1.3m in unpaid VAT, National Insurance and PAYE contributions

Jessops folded under £81m debt; HMRC to lose £1m

A bulk of creditors will receive no payments as a result of the collapse of camera retailer Jessops.

The Sunday Telegraph has reported that HMRC was owed £1.3m at the point of administrations in unpaid VAT, National Insurance and PAYE contributions. As an unsecured creditor, HMRC will not be repaid.

HSBC, the retailer’s largest single creditor, was owed £28.8m at the point of administration and is likely to suffer a significant shortfall.

The information was contained within a statement of affairs drawn up by administrator PwC and reveals that Jessops collapsed under debts of £81m.

Although Jessops shut down its remaining 187 stores on January 11th, Dragons’ Den star Peter Jones’ firm Marlow was amongst a number of buyers to acquire the Jessops brands name, and is set to relaunch the brand in an online-only capacity.

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