Beta Distribution has crased owing £36 million according to a recently filed administrator’s report.
Deloitte was appointed as administrator for the failing distributer in October, and it declared that Beta did not have enough money to cover debts owed to unsecured creditors.
“We do not think that the companies have sufficient property to enable a distribution to be made to unsecured creditors,” the letter said.
Beta reported a £186 million turnover in its last financial year ending 31 March 2017 but owed over £14 million to trade creditors, and three million to the tax man.
Of the unsecured trade creditors the largest are storage vendor Quantum (£2.1 million), Brother (£1.2 million), HP (£921,006) and Exertis (£133,440).
Preferential creditors are not listed, though the statement of affairs said that £2.2 million was available to cover that category.
