Killby & Gayford creditors to lose £34m
Published: 19 June, 2012
Trade creditors are likely to get only a fraction of £10.2m owed. Travis is owed £163,349, Laing O’Rourke subsidiary Crown House £271,440, and Construction Skills £141,820. The firm’s collapse left trade creditors with £10.2m unpaid contracts, the largest of which was £321,076 owed to security firm Niscayath.
Another major loser from the collapse is venture capital firm Growth Capital Partners - which took a majority stake in Killby & Gayford in 2007 - and is owed £6.1m. BDO estimates it will only be able to realise the value of £1.4m of the company’s £35.3m assets that were on the books at the time of its collapse. Among the assets that will be almost completely written off are £5.7m owed for work in progress - only £305,500 of which is set to be realised - and £2.3m of unpaid retentions.