Bedroom furniture manufacturer We Furniture Limited has been placed into liquidation with creditors owed over £400,000.
Allan Cadman and Charles Brook, both of Poppleton & Appleby, were appointed as joint liquidators on 17 May 2022.
Detailed in newly filed document on Companies House, the Oldham-based business owed secured creditors over £200,000, including employee claims of £27,000, which are expected to be repaid from company assets valuing £53,000.
The other secured creditor, the HMRC, is owed £188,000 and is expected to suffer a shortfall of £161,000.
As for unsecured creditors, further employee claims totalled £12,000, while trade claims valued £252,000. These included £73,000 to eCapital Commercial Finance (North) Limited, £35,000 to Hills Panel Products Ltd and £22,000 to Proco Coatings and Laminates Limited.
Overall, it is estimated that creditors will suffer a shortfall of £425,000.
The business itself was incorporated in March 2019 under the name HB Furniture Holdings Limited, which subsequently changed to We Furniture in April 2021, ahead of sister company HB Furniture Limited entering liquidation in May 2021. Creditors of that company suffered a shortfall of £660,000.