Ugo collapsed into administration with debts of more than £2.5m, the administrators’ statement of affairs has revealed.
The retailer, which had 20 stores, fell into administration in February and was acquired by Poundstretcher in a pre-pack deal.
The documents, put together by administrator The P&A Partnership and made available at Companies House, show Poundstretcher bought Ugo for £80,016. Poundstretcher’s owner, wholesaler Crown Crest, is also listed as one of the biggest creditors, owed £499,054.
Crown Crest is one of 117 creditors owed a total of £2,515,938. Other creditors listed include Geoff Capes, who helped launch the chain, owed £8,497. Asda, which sold the stores to Ugo, is owed £98,811. Charles Hollywood, the ad company behind Ugo’s marketing and yellow fascia, was owed £52,008. The company was forced to fold in February.
The report also reveals Ugo “encountered financial problems since commencement” and had been unable to pay suppliers or rents.
“Due to increased financial constraints, the company was, shortly prior to our appointment, unable to obtain key supplies and had already entered into payment arrangements with several of its key suppliers,” the administrators stated.
“In addition, the company had not made payment of its current rental liabilities in respect of the majority of the 20 stores and also did not anticipate that it would be able to meet the March quarters liabilities.”