Administrators publish six-month report into C.W. Sellors
The administrators that were brought in when C.W. Sellors was on its knees at the start of the year have published a six-month progress report, covering the period from 13 January to 12 July.
Lee Causer and Benjamin Peterson of BDO, who oversaw the sale of the company to a consortium led by Watchfinder co-founder Stuart Hennell — CW Sellors Group Ltd — on 17 March, reported that 45 of the 50 employees that were on the books are still working for the new owners.
Half of the proceeds from this sale — the agreed total sum was £400,000 — were received up front, with the remaining £200,000 being deferred across four payments of £50,000 each every four months, with the first installment having been received on 20 July.
The period from 13 January to 17 March, during which the business was trading under administration, saw total sales of £466,605.
The report flags up that offers have been accepted on three of the company’s main freehold properties: the King Street showroom in Ashbourne, the Victoria Square store in Ashbourne, and the Church Street shop in Whitby. An offer for the ill-fated Carsington landmark development (which has an estimated realisable value of £5.4m according to directors’ Statement of Affairs), was dismissed as unacceptable.
The administrators said that there are currently no actions to pursue regarding the company’s affairs or director conduct for the benefit of creditors.
Unsecured creditor claims received a total c.£1.6 million to date (from an estimated total of c.£2m), while the report confirmed that there will be insufficient realisations to enable any distribution to primary preferential creditors, secondary preferential creditors, or unsecured creditors.
