The company behind bed retailer Bed SOS and sister co, watch retailer TIC Watches, owed creditors over £600,000 ahead of being placed into administration.

Steven Ross and Allan Kelly, both of FRP Advisory Trading Limited, were appointed as joint administrators of Tic Trading Limited, trading as TIC Watches and Bed SOS, on 18 July 2023.

Detailed in a newly filed report on Companies House, the business had been subject to an ongoing investigation by both Trading Standards and the Police in relation to the alleged sale of counterfeit watches.

As part of this investigation, the company, which once saw turnover reach £5m, saw assets seized by Police, which had a diminishing impact on cashflow and profitability. It was therefore decided to put the company into administration.

“In this administration, it is proposed that the administrators will take the necessary steps to dissolve the company as it is not anticipated there will be any funds available for distribution to unsecured creditors,” the report said.

The company had two secured creditors, both with Barclays Bank, which could receive some distribution but likely to suffer a shortfall from the amount of £123,000 owed. As for preferential creditors, a sum of £6,600 is owed to employees, while £30,000 is owed to the HMRC.

As for unsecured creditors, claims totalled £580,000 and included £26,000 owed to consumers. It is expected that creditors will suffer a total shortfall of £629,000.