Initial hit to unsecured creditors was put at 拢108m last October
Administrators of collapsed contractor Buckingham have said the amount owed to its supply chain has gone up to more than 拢300m.
The firm, which had been targeting a 拢700m turnover in 2023, collapsed last September with nearly 500 jobs lost.
The following month, Grant Thornton initially said the amount owed to the supply chain was just over 拢108m but in the spring said this had climbed to 拢256m.
Now, in its latest update filed at Companies House last week, the administrator said this had risen to 拢302m with claims totalling 拢266m from 682 creditors.
It added: 鈥淐laims are yet to be received from 709 creditors with a reported value of 拢36m, bringing the total expected unsecured claims to 拢302.2m.
鈥淲e have been notified of several claim or protective awards brought by former employees. The tribunals are currently in progress and may result in further unsecured claims in the estate.鈥�
The report said 鈥渢he prospect of a return to the unsecured creditors in unclear鈥� but admitted: 鈥淲e do not consider it likely that we will have sufficient funds to make a distribution to unsecured creditors and therefore intend to exit the administration and move to dissolution.鈥�
The amount owed to HMRC, listed as a secondary preferential creditor, is unchanged at 拢34m, more than 拢31m of which is for unpaid VAT.
Grant Thornton has told the taxman it expects to make a payment but added it did not know how much at this stage.
At the time of its collapse Buckingham, which in its last set of accounts had a turnover of 拢665m in the year to December 2021, had just 拢4.98m in its current account with HSBC.
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