Haldanes Stores Ltd collapsed into administration with debts of £8.6m, the directors’ statement of affairs has revealed.
The document filed at Companies House showed that on 22 June, when the 23-store chain fell into administration, Haldanes had 226 creditors with debts of £8.6m.
Of the creditors listed, 66 have minus numbers listed against them. A spokeswoman for administrators The P&A Partnership said some of these companies had been paid, but could not confirm whether all 66 had received payment. CEO Arthur Harris declined to comment.
Creditors owed the most include property companies, utility firms and local councils. A total of 18 councils are listed, including Amber Valley Borough Council, owed £83,000. The document also revealed the company had total assets of £3.4m on 22 June, estimated to realise just £795,600.
Meanwhile, the 600 staff affected by the closure have started to receive wages owed from the Redundancy Payments Office.
It is also understood that the former Haldanes store, in Biddulph, near Stoke-on-Trent, is to reopen as a B&M Bargains next month. The store was the first to rebrand under Harris’ new discount supermarket chain fascia Ugo, but closed when Haldanes fell into administration because it was still part of Haldanes Stores Ltd.
Weeks before the administration, Harris issued legal proceedings against the Co-operative Group alleging it “materially breached key terms of the agreements” when Haldanes acquired former Somerfields from the society.