AM Widdowson’s unsecured creditors have been left almost £13m out of pocket after the pre-pack sale of the haulier in July.
The newly published creditor’s report from administrator Leonard Curtis after the haulier's £2.5m sale in July set out the monies owed and warned that it is unlikely unsecured creditors will get any back.
While approximately 220 jobs were saved by the sale to connected party Widdowson Logistics, the majority of the sale value was used to satisfy a debt owed to Close Invoice Finance, which provided the company with an invoice finance facility.
Among the haulage firm’s largest unsecured creditors is HMRC, which is owed close to £4m in outstanding PAYE and National Insurance contributions. Trade, expenses and CVA creditors are owed more than £8.7m.
AM Widdowson, which had been trading through a CVA prior to its collapse, was purchased on 6 July by Widdowson Logistics, which is headed by MD Damion Davis.
Davis was MD at David Haulage before he stepped down in April. Davis Haulage and Widdowson Logistics are both ultimately owned by HLD Group.
In an interview in last month, Davis said he had ambitions to grow the business through acquisition after the turbulent last few years.
AM Widdowson’s draft audited accounts for the 17 months to 31 August 2015 show a loss of £3.5m on a turnover of £32m.
