Former employees of a Sheerness-based car transporter that entered administration just before Christmas are now expected to be paid all the money they are owed.

Staff at Eulos.EU were told by the administrator that they may only receive 14p in the pound after the company collapsed on 23 December 2019.

But in its latest report to creditors, FRP Advisory Trading said it was now anticipated that the preferential creditors would receive 100% of their money, “subject to the level of costs incurred in the remainder of the administration.”

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However, the 88 unsecured creditors who put in claims totalling more than £840,000 are not expected to receive a dividend.

Eulos.EU was a UK-based finished vehicle distributor, which had become loss making, but its management expected it to return to profitability after anticipating a renewed contract on improved terms.

It refinanced its funding facilities with Hitachi but FRP said shortly after this the company was told it had been unsuccessful in securing the contract.