Company that bought Mark Priestley SDT fails to make agreed payments

A company set up to buy the business and assets of Slough-based Mark Priestley SDT, which entered insolvency proceedings last year, has failed to make payments in line with the agreed terms, according to the administrator.

Mark Priestley SDT entered administration in February 2019 before newly incorporated business PSDT snapped up parts of the company for £90,000, to be paid in instalments.

However, in a report to creditors, administrator SFP Restructuring said payments were now overdue:

“A sale of the company’s business and assets to PSDT was completed on 1 March 2019,” the report said.

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“Sales consideration totalling £20,238.35 has been received to date, of which £2,750 was received in the review period, but the purchaser has failed to make payments in line with the agreed terms and action is now being taken to recover the overdue payments.”

The sale of Mark Priestley SDT included 12 employees transferring to PSDT by TUPE, including director Daniel Priestley.

An additional 20 staff were made redundant.

SFP Restructuring said employees have made applications to the redundancy payments office and it remained uncertain whether there would be sufficient funds to pay a dividend to unsecured creditors.

Attempts were made to contact Priestley and PSDT.