Discover Leisure had debts of £35 million, administrators reveal
Discover Leisure went into administration in October 2011
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Monday, 12, Dec 2011 11:05
by Tom Lowenstein
Administrators called in to deal with the stricken caravan and motorhome retail Discover Leisure have revealed that unsecured creditors who lent to the company are likely to miss out on nearly £35 million in claims.
A report from the company's creditors has shown that East Yorkshire company owes millions of pounds to NatWest and Black Horse, Insider Media said.
Former employees of the company, meanwhile, are claiming more than £250,000 after the business went bust in October, leaving around 240 people unemployed.
The KPMG report has revealed that Discover has debt with NatWest to the tune of £10.3 million, while Black Horse, the lender which financed Discover's vehicle stock, is owed a further £7.1 million.
Now, administrators Paul Flint and Mark Firmin have said that repayments are "highly dependent upon the realisations from the freehold properties and land", the news provider reported.
The administrators themselves, who sold off the last £1 million of Discover Leisure stock in a fire sale last month, are still owed over £230,000 in costs and expenses.
Meanwhile, four former Discover Leisure employees have set up their own caravan servicing business in a bid to get themselves back to work after their employer shut up shop.