Hardware firm Jamison & Green owed creditors £600,000
The administration of hardware firm Jamison & Green, which collapsed in July after nearly a century in business, will cost creditors nearly £600,000, according to an update by administrators.
Jamison & Green was set up in 1916 and sold and distributed tools and hardware products.
It employed eight staff in Belfast from prominent premises on Ann Street.
But in July, Jamison & Green’s own directors Andrew Acheson and Patrick Hirst asked creditor Keys Commercial Finance to appoint insolvency experts to run the company.
All staff were made redundant and the company stopped trading.
The company’s assets were estimated at £428,261 in the administrator’s statement of affairs filed recently at Companies House, but were estimated to realise just £221,800.
Employees were also owned £23,710 in arrears of wages and unpaid holiday pay.
Non-preferential creditors — a category which includes trade suppliers — are owed £598,513.
And finance firm Keys Commercial Finance is owned £163,150 under the terms of a floating charge.
Bank of Ireland is also owed £75,000 under its charge over premises on Donegall Quay.
According to an earlier report filed by KPMG in August, the administration came about due to “declining sales, a lack of cash flow, increased creditor pressure and uncertainty over the future viability” of the company.
The firm has faced increased competition from big operators like B&Q and its sister company, Screwfix.
The premises which belonged to the firm at Ann Street in the city were put on the market with an asking price of £1m. And the adjoining premises at 6/7 Donegall Quay are quoted as having a book value of £250,000 but are estimated to realise £125,000.
The firm still has a Mercedes van and forklift with a book value of £2,500 but a likely sale value of £800. And stock with a book value of £80,000 was estimated to be likely to fetch £15,000.
Part of the Donegall Quays premises are let to high-end restaurant Tedfords for its emergency escape.