Merchants owed 57m by Connaught

Published:  05 November, 2010

LONDON: Connaught owes its trade creditors about 57m, according to a report by administrators KPMG.

PTS Plumbing Trade Supplies, part of listed BSS, which is to be bought by Travis Perkins, was the hardest hit, owed 6.3m by Connaught, the report shows.

Travis Perkins is also missing up to 1.7m, while building supply chain Jewson is due 2.2m.

The report reveals that former chief executive Mark Tincknell, whose father founded the business 28 years ago, is owed 28 708 by the company. Finance director Stephen Hill is 23 799.79 out of pocket, while Peter Jones, who was removed as managing director of its northern division after he failed to disclose a share sale two days before a major profits warning, is owed 55 172.99.

HM Customs and Excise has also lost: 21.7m.

There were 50 000 supplier invoices waiting to be processed when the administrator, KPMG was brought in. Its bill is for 3.9m covering 9510 hours unravelling Connaught's accounts.

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