Outdoor furniture retailer Luxury Rattan has been placed into liquidation owing creditors millions of pounds.
Louise Baxter and Dominik Thiel-Czerwinke, both of Begbies Traynor (Central) LLP, were appointed as joint liquidators of Littleborough Furniture Company Ltd on 4 October 2022.
Detailed in newly filed documents on Companies House, the business owed preferential creditors, employees and the HMRC, a combined sum of £783,000. From realised assets valuing £61,800, employee claims are expected to be rapid, with the remaining £51,000 expected to be made available to the HMRC.
As for unsecured creditors, a combined value of £3.3m is owed, with the majority of £2.5m owed to trade claims. A further £215,000 is owed to the HMRC, while £801,000 is owed to banks, including £247,000 to Starling Bank. A director’s loan of £100,000 is also part of the claims.
Luxury Rattan’s website, www.luxuryrattan.com, has since been disabled with customers taking to review platforms to air their frustrations over incomplete orders.
It is understood that creditors will suffer a shortfall of over £4m.