Failed firm THA owes £6.4m to creditors

The creditor's report for ex-event giant THA Group shows the firm owes £6.4m to creditors.

Failed firm THA owes £6.4m to creditors in cash they will "likely never see"
Failed firm THA owes £6.4m to creditors in cash they will "likely never see"

The Royal Bank of Scotland is owed £1.7m, but unsecured creditors (those whose credit is not secured, and are thus unlikely to get it back) run to £6.35m.

According to KPMG administrator Nathan Romeo, founder Kevin Ingram himself bought THA furniture on a "personal basis at market value". Many of the company's assets were sold for £50,000 to BI Group.

A total of £101,383 was owed to staff in "holiday pay, accrued wages and salaries of THA employees".

KPMG is owed £187,582 through its work with the failed firm.

The report said the group "suffered as a result of the recent downturn in the economy; with the resultant curtailing of  corporate travel and event spend driving a significant decline in turnover and trading performance".

Founder Ingram now has a new company, the Waterford House Partnership.

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