Watch and jewellery repairer In-Time owed over £4m to its creditors when it collapsed into administration before being rescued by Timpson, it has been revealed.
The Southport-headquartered company collapsed in the days running up to Christmas but 35 shops and 110 of its employees were taken on by Timpson earlier this month.
Newly-filed documents with Companies House have now revealed how much In-Time owed when it entered administration as well as how much Timpson paid for the brand.
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Geoff Rowley and Tony Wright of specialist business advisory firm FRP were appointed as joint administrators for the business on Thursday, January 5.
As a secured creditor, £187,963 was owed to Barclays through a CBILS loan and a further £8,721.48 of outstanding debt.
When the company entered administration, £170,000 was used from its bank balance to settle the majority of the debt.
The remaining money was settled when the business and assets were sold.
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FRP added that the £83,000 owed in pay and pension contributions will be paid in full as well as the £256,000 owed to HMRC.
The administrators also said there will be enough funds to make a distribution to the unsecured creditors, who are owed almost £3.5m collectively, but the total and timing of the payments are not currently known.
Timpson's first offer of £60,000 to acquire all the business and assets of the company, with all employees transferring, was rejected "due to it being under the initial valuation".
A further offer of £75,000 was put forward and then increased to £85,000 on the same day. Timpson's best and final offer was £150,000.
At the same time, a £150,000 bid was also submitted by Gloucestershire-based online digital marketing agency, Incept Solutions.
Both offers were put forward to the board of In-Time and Timpson's was accepted as it "represented the best outcome for creditors as a whole".
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