PxPixel
Creditors lose £1.9bn thanks to the collapse of big-name retailers - PC Retail

Creditors lose £1.9bn thanks to the collapse of big-name retailers

Research reveals banks were the only winners from the 'carnage of the High Street’
Author:
Publish date:
3-high-street-shops-web.jpg

Since the start of last year, taxpayers, suppliers and landlords have lost £1.9bn due to the collapse of retailers such as HMV and Comet.

Research conducted by Company Watch has revealed the extent of the losses caused by retail administrators.

The results show that £499 million was recovered from the collapse of businesses including HMV and Comet, with the bulk of assets recovered mainly going to banks and administrators.

Banks and other secured lenders received at the most £356 million. £123 million of that was spent on recovering the money and paid to administrators. The remaining, £14 million, will go to unsecured creditors.

“It seems that the only winners from the ongoing carnage in the high street are the banks, the insolvency practitioners and their many advisers,” commented Nick Hood, business analyst at Company Watch.

Related