Matchesfashion creditors owed £36m following collapse
Administrators at Teneo revealed that the creditors are unlikely to get paid back and if they do, the amount would be ‘very low’
Burberry, Gucci and Prada are among the creditors owed £36m following the collapse of Matchesfashion last month, the FT has revealed.
The luxury brands are among more than 500 creditors to Matches, which was bought by Mike Ashley’s Fraser Group in December.
Administrators at Teneo revealed that the creditors are unlikely to get paid back and if they do, the amount would be “very low”. According to documents filed at Companies House “on present information, it is unlikely that sufficient funds will be realised to enable a distribution to be made”.
Among the creditors, Gucci is owed £553,338, Burberry £467,525, Bottega Veneta £326,564 and Prada £281,069.
However, the administrators expect to pay in full almost £300,000 to employees and £1.2m to HMRC.
Teneo said that since the administration was announced, it has received 11 offers for the business and that it is currently working “to achieve the optimum outcome for stakeholders”.
Last month, the administrators slashed 264 jobs, retained 265, while more than a dozen have resigned since then.
