Administrator鈥檚 progress report unable to say how much out-of-pocket firms will get back

An update from the administrator of collapsed contractor Simons Group has said around 600 creditors have sent in claims totalling more than 拢13m.

But the figure is around a quarter of what FRP Advisory said was owed by the Lincoln firm to unsecured creditors in January 鈥� suggesting many have given up on getting back anything they are owed.

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The firm collapsed last October

FRP was called in at the end of last October when the 75-year-old firm sank into administration owing unsecured creditors 拢54m.

So far more than 600 have told FRP they are owed 拢13.3m and in the update, filed at Companies House last week, the firm said: 鈥淚f there is a prospect of a dividend we will write to all known creditors and request that they submit claims.鈥�

It said it expected there to be some money for unsecured creditors but could not say how much.

Creditors expecting to recoup any more than a token amount back look set to be disappointed 鈥� FRP鈥檚 report revealed it had raked in 拢71,000 in the six month period up to April 2020 mainly through the sale of company cars and office equipment. But the cost of all this meant the balance left was less than 拢10,000.

A number of Simons鈥� 124 employees have sent in claims totalling nearly 拢13,000 for missing holiday pay.

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