bedroom furniture image

Kitchen and bedroom furniture business owes creditors over £200k

Kitchen and bedroom furniture retail business Twenty 5 Design owed creditors over £200,000 ahead of its liquidation.

John Butler and Andrew Nichols, both of Redman Nichols Butler, were appointed as joint liquidators of Twenty 5 Design Limited on 19 July 2022.

Detailed in newly filed documents on Companies House, the business owed secured creditors, the HMRC and pensions, £21,000 and £1,800 respectively.

Realised assets valued almost £6,000, leaving the HMRC to face a deficit of around £17,000. As for unsecured creditors, trade claims valued £92,520, while six consumer claims totalled a combined £96,109.

Before entering liquidation, the business obtained a £50,000 Covid-19 bounce back loan which the director stated had been used to settle everyday trading costs and expenses including wages, trade creditors and the taxman.

It is expected that creditors will suffer a shortfall of around £208,000.

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