DBC’s administrators have raised £2.94m from the sale of the company’s depots at Exeter and Newmarket.

The figure was revealed in a report to creditors by administrators from Baker Tilly. The creditors have also received an offer for DBC’s third freehold property in Petersfield, while the fourth, in Newcastle, will be auctioned on 27 November.

Baker Tilly said it expected secured creditor Lloyds Banking Group to recover the £5.1m it was owed by DBC, while Lloyds TSB Commercial Finance has recovered a further £20.1m.

Unsecured creditors are owed £92m, the biggest being the Pension Protection Fund, with a claim estimated at £37m.