The administrator of a Herts-based TV and film transport company said creditors would now receive some of their money back after it was able to sell off plant and machinery for more money than expected.
Mentmore Investments entered administration in April this year and part of the business, Green Clover, provided transport and recycling services to the film and entertainment industries.
Green Clover continued trading for a few months, running 12 HGVs and 20 trailers out of a Berkhamsted operating centre, before it closed down at the end of June.
Joint administrator Guy Holland initially told trade creditors that he did not expect there to be a distribution, but in a progress report this month he said: “I am pleased to report that asset realisations have exceeded our earlier estimate and therefore a dividend will now become payable.”
Holland said certified chattel asset agents had managed to sell equipment for around £573,000; more than four-and-a-half times higher than it had anticipated.
It means that firms owed money by the collapsed haulier are now thought to receive an anticipated return of between 7p and 1p in the pound.
The report added: “To date, based on claims received and provisions for further claims anticipated to be submitted, unsecured creditor claims are currently estimated to total £13.3m.”
Previously, the joint administrators said that the firm had struggled due to legacy losses arising from Covid-19 lockdowns when film productions were paused or cancelled.
In addition, its investments into a number of service offerings had impacted cashflow and legal action was being pursued by a landlord in respect of outstanding rent and costs for around £515,000.
