CREDITORS hit by the collapse of the long-established Dorset firm Sea View Coaches have received the majority of what they were owed.
The Poole business went into administration in April 2020 with the loss of 17 jobs.
It had been facing difficulties since 2016 and was seeking a buyer when the Covid crisis dashed hopes of rescuing the business.
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Administrators were called in and sold the business’s Fancy Road premises for £627,500, significantly more than estimated.
HSBC, the company’s only secured creditor, was paid £172,106 in full settlement of its claim.
The business was later moved from administration to liquidation.
In their latest progress report, liquidators Neil Vinnicombe and Simon Haskew of Begbies Traynor said £386,897 was available for the liquidation.
Unsecured creditors, whose claims totalled £425,900, were paid 84 pence in the pound, while preferential creditors – the company’s staff – were paid in full.
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The report also revealed an employment tribunal had made an award to a claimant, which was kept confidential.
But the judgement came after the payment of final dividends to unsecured creditors, so there would be no funds to pay the claim.
Sea View Coaches was founded in the mid-1960s with one coach, used mainly to transport staff to and from the Atomic Energy Research Establishment at Winfrith.
It became a successful private hire coach firm, running work, school and leisure trips in the UK and on the continent, with a licence to operate 25 vehicles.
It ran trips to national and international speedway meetings and had been a sponsor of Poole Pirates speedway.
It traded profitably for several decades before running into difficulties in 2016. Some coaches were re-financed and the workforce was cut by half, with many staff on zero hours contracts or working part time.
A potential buyer for the business reduced their offer at the start of the Covid crisis, prompting the directors of Sea View Coaches to pull out of the deal. The company was placed into administration after other options were discussed.
Most of the company’s coaches were leased from two finance companies, but two were sold at auction for a total of £19,000.
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