Bedding manufacturer Norfolk Feather Company owes creditors close to £3m following its closure.
Thomas Guthrie and John Rimmer, both of BRI Business Recovery and Insolvency, were appointed as joint liquidators of Diss-based Norfolk Feather Company Limited on 28 November 2022.
Detailed in newly filed documents on Companies House, the business owed preferential creditors, the HMRC and employee claims of £237,000 and £90,500 respectively. Only around £19,000 is expected to be realised from company assets, once valued over £1.6m.
As for unsecured creditors, these included combined claims totalling just over £2m, with £1.1m owed to 152 trade creditors. A further £166,000 is owed to employees, while £385,000 is owed over intercompany loans and £80,000 owed to professional advisors. Furthermore, Aldermore bank is owed £277,000, while NatWest is owed £260,000.
It is expected that creditors will suffer a total shortfall of £2.7m.
Norfolk Feather Company issued a letter to staff during October with the news of its closure, terminating 40 jobs as a result. The company had been operating for over 90 years and specialised in luxury feather and hollowfibre pillows and duvets for a range of retailers.