Jamie Playford, an insolvency practitioner and director at Leading Corporate Recovery, is seeking a buyer for the business and assets of a dry cleaning business in Norfolk after a payment plan with creditors failed.
Harveys Specialist Dry Cleaners Ltd, trading from four branches in Eaton, Wymondham, Attleborough and Sheringham, entered a Company Voluntary Arrangement (“CVA”) in December 2015 amid a growing tax liability it was unable to pay.
Creditors agreed a deal for the company to repay debts of almost £80,000 in full over a five year period. The directors implemented a number of cost-saving measures at the start of the CVA including closing two of its premises with the loss of nine jobs but, despite these efforts, the company was unable to meet its ongoing tax liabilities and the payments due under the CVA.
As a result, Harveys Specialist Dry Cleaners Ltd ceased trading in May 2017 with a further 13 redundancies and accumulated debts in excess of £230,000, although it is thought this figure will rise due to the company’s leasing obligations over some of its machinery.
The company has now entered liquidation with the Court appointing Mr Playford as liquidator to oversee the disposal of the company’s business and assets and is actively seeking interested parties to contact him.
Mr Playford commented: “It is always sad to see such a long-established business suffer in these difficult trading conditions. In order to recoup as much money as possible for creditors, my team and I are seeking a buyer for the business and assets and I am interested in talking to anybody who may be interested in opening discussions.”
For any further queries regarding the Liquidation of the Company, please contact Mr Playford at jamie.playford@leading.uk.com
Source: www.leading.uk.com/news/
Notes for editors:
Leading Corporate Recovery is Norwich’s fastest-growing insolvency, restructuring and strategic advisory practice, providing help to businesses and individuals across East Anglia and London. Jamie Playford is a director and licensed insolvency practitioner, and a member of the Insolvency Practitioners’ Association and a fellow member the insolvency trade body, R3. Jamie has worked in the insolvency industry in East Anglia since the late 1990s.
